A mortgage loan agreement sets the terms of the contract between a lender and a borrower. Once signed, the agreement gives the borrower access to the money. Such an agreement also grants the lender the right to take possession of the mortgaged property if the borrower does not pay the loan's installments..

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.

A mortgage may be legally ineffective for a variety of reasons. The property's legal description may be missing or incorrect. Maybe the mortgage lacks an affidavit required by state law. Perhaps only one spouse has signed the mortgage even though they are joint owners

A mortgage is a debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments.