Mortgage Agreement Template

Mortgage Agreement Template

What Is a Mortgage Agreement?

A Mortgage Agreement is a legal contract signed by the lender (mortgagee) and the borrower (mortgagor) to create a lien on the property the mortgagor has in their possession as a means to secure the loan. Usually signed by the financial institution such as a bank or mortgage company and the homeowner, this document indicates the house or apartment described in writing is not considered an asset that acts as a backing for the loan.

Alternate Name:

  • Mortgage Contract.

Click on the link below to download a printable Mortgage Agreement template. Do not forget to customize and fill out your pre-made to reflect any additional considerations you have negotiated with the other party.


How to Write a Mortgage Agreement?

There is no uniform Mortgage Agreement format but here is how we recommend filling out a Mortgage Agreement Form:

  1. Indicate the parties to the contract - a mortgagor and a mortgagee. You need to state their names and addresses to simplify identification in case there is a misunderstanding in the future.
  2. If the borrower's income seems insufficient to the lender, they may require one more party to sign the contract and comply with all its provisions - a cosigner. This individual or entity will guarantee the mortgagee will fulfill their contractual obligations, and if they fail to do so, the cosigner will have joint responsibility for the mortgage repayment.
  3. Record the legal address of the property that will be burdened with a lien. Indicate all the buildings, improvements, and additions to the real estate in question that will be covered by the mortgage. If necessary, enclose a floor plan, diagrams, and schemes that demonstrate the boundaries of the property to the contract.
  4. Acknowledge the lien put by the lender on the property as collateral for the loan. The borrower must confirm they agree to transfer the rights to the real estate to the lender if they fail to comply with the mortgage terms - including but not limited to the responsibility to make timely mortgage payments.
  5. Add the payment information - the amount of money the mortgagee pays every month, the interest rate, and possible prepayment. Enter the maturity date - this is when the final mortgage payment will be due. Even if you prepare a simple Mortgage Agreement that is one page long it must contain the basic payment details and the reference to additional costs that may be associated with the mortgage.
  6. Sign and date the document. You must do it in front of a notary public who then stamps the Mortgage Agreement Form with a notary seal to verify the authenticity of the signatures.

Once the agreement is signed and notarized, the parties must submit it to the local county clerk's office to register a lien. Both the lender and the borrower keep a copy of the contract for their records - as well as other loan documents that constitute the mortgage paperwork.

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