Free Mortgage Agreement

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Mortgage Agreement

Additional Clauses


Additional Clauses



Frequently Asked Questions
When should I add new clauses to the contract?Include additional clauses if there are terms or issues unique to your situation that have not been addressed in the contract.Do not use several names or words to refer to the same person or thing as it could cause confusion and ambiguity by seemingly introducing new or different people or items.

Certain words are capitalized and defined already in the contract. For example, the borrower is called the "Mortgagor", the lender is called the "Mortgagee", and the property is called the "Property". Use the same predefined terms in your additional clauses.

Do not use pronouns such as: they, us, we, our, you, or me. Pronouns may be ambiguous and can cause confusion.


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Mortgage Agreement Information

Alternate Names:

  • Mortgage Contract
  • Mortgage Form

What is a Mortgage Agreement?

A Mortgage Agreement is a contract between a borrower (called the mortgagor) and the lender (called the mortgagee) where a lien is created on the property in order to secure repayment of the loan.

The Mortgage Agreement may also have a co-signer (called the guarantor) which is a person who is jointly responsible for the repayment of the loan should the mortgagor default on the loan payments. A guarantor is needed if the mortgagor's income situation means that they can't secure a loan on their own.

Do I need a Mortgage Agreement or Deed of Trust?

Some states require a Deed of Trust instead of a Mortgage Agreement. Contact your local county recorder to determine which document is used in your state. If you are in a state that uses both documents, you can inquire into which document is most commonly used.

What is included in a Mortgage Agreement?

A Mortgage Agreement includes the mortgagor's and mortgagee's contact details, information regarding the property, and any additional clauses that the mortgagor must adhere to during the Mortgage Agreement.

In addition, the Mortgage Agreement contains the amount of money lent to the mortgagor by the mortgagee (called the principal), as well as any matters relating to payment, including interest rate, due dates, and prepayment.

How long does the Mortgage Agreement last?

The Mortgage Agreement lasts until the maturity date specified in the document. The maturity date is when the final payment for the balance owing on the mortgage is due.

Related Documents:

  • Deed of Trust: A Deed of Trust is similar to a Mortgage Agreement in that it is a contract between the borrower and lender. Some states require a Deed of Trust instead of a Mortgage Agreement.
  • Loan Agreement: A Loan Agreement is a contract between a borrower and lender, where the borrower agrees to pay back a loan by a specified date or by following a specific payment schedule.
  • Real Estate Purchase Agreement: A Real Estate Purchase Agreement is used when a buyer wishes to purchase a seller's home.
  • Promissory Note: A Promissory Note is a simpler version of a Loan Agreement, and is generally used for straightforward loans and basic payment schedules.
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