A Mortgage Loan Agreement is a formal document that describes the arrangement between the lender and the borrower - upon signing, this legal instrument gives the latter access to the lender's money creating a lien on the real estate.
Once this contract is formalized, the person borrowing money makes a promise to repay the amount indicated in writing they need to use to buy a house or apartment for themselves and their family. In case the borrower fails to make regular mortgage payments or violates other terms of the agreement, the lender will have the right to take possession of the property in question recovering their money via foreclosure.
You can find a Mortgage Loan Agreement template below.
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