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A mortgage agreement is a document used when an individual (''Borrower'') is receiving a loan from a bank or lender (''Lender'') to purchase a home. The agreement helps secure the loan for the home, plus certifies the lender will take possession of the home if the event the borrower can no longer pay the mortgage. The agreement establishes the terms and condition of the loan between the two parties.

Information contained within the agreement will include the original price of the loan amount, the interest rate for the borrower, the type of interest rate (variable vs. fixed rate) and the term length of the mortgage, with a beginning and end date for the mortgage.

The document may also include a payment schedule for the loan, detailing when and how payment installments shall be made by the borrower. A loan may come with a guarantor, and if so, the guarantor information will be present in the agreement. Other items present in the mortgage agreement may include possible grace period information, and escrow.

Mortgage Agreements

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