"Mortgage Loan Agreement Template"

Mortgage Loan Agreement: What Is it?

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.

Mortgage Loan Agreement: How to Make?

Here is how you should compose a Mortgage Loan Agreement Form:

Identify the lender and the borrower by their full names and contact details.
If the legal address of the real estate the borrower will pay for using the loan is known, add it to the text of the document.
List the payment terms - the amount of money lent to cover the mortgage, the interest rate, and the payment schedule. Additionally, the parties need to agree on the payment method convenient for both of them and mention the possibility of prepayment in the event the borrower wants to pay the mortgage loan off early.
Confirm the real estate serves as collateral safeguarding the financial interests of the lender - describe how many weeks or months of non-payment the lender will have to deal with before seizing and selling the residential property to mitigate their financial losses.
Although the lender is entitled to start the foreclosure several months after the first missed payment, consider recording other penalties like late fees before depriving the borrower of their home - mention the proper process of notifying the borrower about the agreement violation as well.
Sign and date the papers. As a rule, a Mortgage Loan Agreement does not need to be notarized but if you believe a legal dispute may occur in the future or the loan amount is large enough to make you worry, book an appointment with a local notary public who will verify the identities of the parties and certify their intention to create a lien on the property securing mortgage loan repayment.

Haven't found the template you're looking for? Take a look at the related templates below:

Download "Mortgage Loan Agreement Template"

Download PDF

Fill PDF online

Rate (4.3 / 5) 9 votes

Show Pagination

Mortgage Loan Agreement

This Mortgage Loan Agreement (hereinafter referred to as the “Agreement”) is made on

____________________________, between ____________________________ (hereinafter

referred to as the “Seller”) and ________________________________ (hereinafter referred

to as the “Borrower”) and _________________________________ (hereinafter referred to

as the “Mortgage Lender”) and the _____________________ Board of Housing (hereinafter

referred to as the “Board”), collectively referred to as the “Parties,” who agree to be bound

by this Agreement.

Whereas, the Seller is obligated to the Mortgage Lender pursuant to the terms of a

promissory note in the face amount of $___________, dated _________________________

(hereinafter referred to as the “Note”); and

Whereas, the Note is secured by a trust indenture dated _________________, recorded on

____________ in Book ___________, Page ____________, Entry Number ____________,

in the records of the Recorder of ______________________________ (hereinafter referred

to as the “Trust Indenture”); and

Whereas, the Trust Indenture creates a lien on the property located at __________________

__________________________________, (hereinafter referred to as the “Residence”); and

Whereas, The Note and Trust Indenture (hereinafter collectively referred to as the

“Mortgage Loan”) have been sold and assigned to the Board pursuant to its Single Family

Mortgage Purchase Program; and

Whereas, The Seller desires to sell and convey the Residence to the Borrower, subject to the

Mortgage Loan, and both the Seller and the Borrower have requested that the Mortgage

Lender and the Board consent to the sale of the Residence subject to the Mortgage Loan;

Therefore, The Mortgage Lender and the Board hereby consent to the conveyance of the

Residence to the Borrower, subject to the Mortgage Loan, and to the assumption of the

Mortgage Loan by the Borrower, upon the following conditions:

1. At the time of the conveyance from the Seller to the Borrower, the payment obligations

due under the Mortgage Loan shall be current.

2. The Borrower hereby assumes and agrees to pay the indebtedness evidence by the

Mortgage Loan, it being agreed and understood that as of the date of this agreement the

TEMPLATEROLLER.COM

Mortgage Loan Agreement

This Mortgage Loan Agreement (hereinafter referred to as the “Agreement”) is made on

____________________________, between ____________________________ (hereinafter

referred to as the “Seller”) and ________________________________ (hereinafter referred

to as the “Borrower”) and _________________________________ (hereinafter referred to

as the “Mortgage Lender”) and the _____________________ Board of Housing (hereinafter

referred to as the “Board”), collectively referred to as the “Parties,” who agree to be bound

by this Agreement.

Whereas, the Seller is obligated to the Mortgage Lender pursuant to the terms of a

promissory note in the face amount of $___________, dated _________________________

(hereinafter referred to as the “Note”); and

Whereas, the Note is secured by a trust indenture dated _________________, recorded on

____________ in Book ___________, Page ____________, Entry Number ____________,

in the records of the Recorder of ______________________________ (hereinafter referred

to as the “Trust Indenture”); and

Whereas, the Trust Indenture creates a lien on the property located at __________________

__________________________________, (hereinafter referred to as the “Residence”); and

Whereas, The Note and Trust Indenture (hereinafter collectively referred to as the

“Mortgage Loan”) have been sold and assigned to the Board pursuant to its Single Family

Mortgage Purchase Program; and

Whereas, The Seller desires to sell and convey the Residence to the Borrower, subject to the

Mortgage Loan, and both the Seller and the Borrower have requested that the Mortgage

Lender and the Board consent to the sale of the Residence subject to the Mortgage Loan;

Therefore, The Mortgage Lender and the Board hereby consent to the conveyance of the

Residence to the Borrower, subject to the Mortgage Loan, and to the assumption of the

Mortgage Loan by the Borrower, upon the following conditions:

1. At the time of the conveyance from the Seller to the Borrower, the payment obligations

due under the Mortgage Loan shall be current.

2. The Borrower hereby assumes and agrees to pay the indebtedness evidence by the

Mortgage Loan, it being agreed and understood that as of the date of this agreement the

TEMPLATEROLLER.COM

balance due on the Mortgage Loan is $_______________, that the interest rate on the

Mortgage Loan shall be %________ per annum, that the monthly payments due under the

Mortgage Loan shall be $______________, plus applicable taxes and insurance, and that the

next payment due under the Mortgage Loan is due on ___________________________.

3. The borrower agrees to assume, be liable for, and be bound by all of the obligations and

covenants in the Mortgage Loan, including the Montana Board of Housing Uniform Rider

to Trust Indenture appended to all standard form mortgages executed on FHA, VA, or RD

forms, which provides among other things that the Lender or its assignee may, at any time

and without prior notice, accelerate all payments due under the Trust Indenture and Note

and exercise any other remedy allowed by law for breach of the Mortgage or Note if,

without the prior written consent of the Lender or its assignee:

● The Borrower sells, rents, otherwise transfers any interest in the property by deed of

trust, conditional sales contract, pledges, agreements to hold title in escrow and any

other form of owner financing or fails to occupy the Residence as his or her

permanent and principal residence; or

● The Borrower fails to abide by the agreement contained in the Affidavit of

Borrower’s Eligibility, or if the Mortgage Lender or the Board finds any statement

contained in the Affidavit of Borrower’s Eligibility to be untrue.

● The Board, at any time, in its sole discretion, determines that the requirements of

Section 143 of the Internal Revenue Code of 1986, with respect to Mortgage Loans,

have not been complied with, whether or not the Borrower is responsible for such

noncompliance.

4. Consent of the Board and the Mortgage Lender to the Assumption by the Borrower of the

obligations of the Mortgage Loan shall in no way constitute a release of any of the Seller’s

obligations under the Mortgage Loan.

5. The Seller hereby agrees that the Mortgage Lender and Board may authorize the further

conveyance of the Residence, subject to the Mortgage Loan, without obtaining the consent

of the Seller.

6. Nothing contained in or done pursuant to this Assumption Agreement shall affect or be

construed to affect the lien, charge, or encumbrance of the Mortgage Loan on the Residence

or its priority over other liens, charges, or encumbrances.

TEMPLATEROLLER.COM

The Parties agree to the terms and conditions set forth above as demonstrated by their

signatures as follows:

_________________________________

Seller’s Printed Name

Borrower’s Printed Name

_________________________________

Seller’s Signature

Borrower’s Signature

_________________________________

Date

_________________________________

Mortgage Lender’s Printed Name

_________________________________

Mortgage Lender’s Signature

_________________________________

Date

_________________ Board of Housing

_________________________________

Authorized Officer’s Signature

TEMPLATEROLLER.COM

Featured Tags

Bill of Sale Form U.S. Department of Veterans Affairs United States Army Vehicle Bill of Sale U.S. Department of Defense Boat Bill of Sale Form Firearm Bill of Sale Form Generic Bill of Sale Form

"Mortgage Loan Agreement Template"

Mortgage Loan Agreement: What Is it?

Mortgage Loan Agreement: How to Make?

Download "Mortgage Loan Agreement Template"

Popular Articles

Most popular documents

Featured Tags

Most popular documents

Popular Articles

"Mortgage Loan Agreement Template"

Mortgage Loan Agreement: What Is it?

Mortgage Loan Agreement: How to Make?

Download "Mortgage Loan Agreement Template"

Popular Articles

Most popular documents

Featured Tags

Related forms

Most popular documents

Related Documents

Popular Articles