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Mortgage Loans Agreement

When you finally close on your home loan you'll have many different forms and contracts to read over and sign to make things official. One of these contracts is your mortgage agreement. The mortgage agreement is a binding contract required for just about any basic home mortgage loan. This contract is your promise to pay the mortgage and abide by the loan's terms.

The Mortgage

A mortgage is not the actual money that transfers hands from the lender to the seller in a real estate transaction. It's the interest in the home itself. It's a pledge from the new homeowner that in case of default, he will give up his claim to the property to the lender. The official name for this pledge is a property lien. Keep this fact in mind as you seek to understand the purpose of the mortgage agreement.

The Agreement

The mortgage agreement is a contract made between the lending bank, called the mortgagee, and the borrower, called the mortgagor. This agreement states that the borrower receives the funds she needs to purchase the home while the lender receives a lien on the property. It allows the borrower to take physical possession of the house as she pays off the loan. If the mortgagor defaults on the terms of the loan, this agreement gives the mortgagee the right to take the property and sell it to recover their money. By signing this agreement, you agree that your ownership and use of the property are contingent on making your mortgage payments as agreed.