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Mortgage Loan Agreement (General / Hub) Template
Start a mortgage loan agreement with a clear structure for loan terms, property security, and repayment rules using this general template.
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Mortgage Loan Agreement (General / Hub) Template
This Mortgage Loan Agreement (the “Agreement”) is entered into as of [Effective Date] by and between:
Lender: [Lender Full Legal Name], address: [Address] (“Lender”).
Borrower: [Borrower Full Legal Name], address: [Address] (“Borrower”).
Lender and Borrower may be referred to individually as a “Party” and collectively as the “Parties.”
1. Loan Documents
1.1 Loan Agreement. This Agreement sets the general terms of the mortgage loan described below.
1.2 Promissory Note. Borrower will execute a promissory note dated [Note Date] (the “Note”) for $[Amount].
1.3 Security Instrument. The Note will be secured by: ☐ Mortgage ☐ Deed of Trust dated [Security Instrument Date] (the “Security Instrument”) encumbering the Property described in Section 2.
1.4 Order of Control. If documents conflict, the Security Instrument controls property security terms; the Note controls repayment mechanics; this Agreement provides general covenants and operational terms (unless stated otherwise).
2. Property Collateral
2.1 Property Address. [Street Address].
2.2 Legal Description. [Insert legal description or attach Exhibit A].
2.3 Ownership. Borrower represents they hold title (or will hold title at closing) and have authority to grant the security interest.
3. Loan Amount and Funding
3.1 Principal. $[Amount].
3.2 Funding Date. [Date].
3.3 Disbursement. ☐ Closing agent/escrow ☐ Direct to Borrower ☐ Payoff to prior lender ☐ Other: [Details].
3.4 Loan Purpose (Optional). ☐ Purchase ☐ Refinance ☐ Construction ☐ Other: [Purpose].
4. Interest and Fees
4.1 Interest Rate. []% per year ☐ fixed ☐ variable (index + margin): [Details].
4.2 Fees (Optional). ☐ Origination fee $[] ☐ Points [] ☐ Closing costs [] ☐ Other: [List].
4.3 Default Interest (Optional). Default interest rate: [__]% (if permitted).
5. Repayment Terms
5.1 Payment Schedule. Borrower will pay:
☐ Monthly payments of $[Amount] due on the [__] day of each month, starting [Start Date]
☐ Interest-only payments until [Date], then amortizing payments
☐ Balloon payment due on [Balloon Date]
☐ Other: [Schedule]
5.2 Maturity Date. The loan matures on [Maturity Date].
5.3 Prepayment. ☐ Allowed without penalty ☐ Prepayment penalty: [Terms].
5.4 Payment Method. Payments by ☐ ACH ☐ wire ☐ check ☐ other: [Method].
6. Escrow, Taxes, and Insurance
6.1 Escrow. ☐ Lender will escrow ☐ Borrower will pay directly.
6.2 Taxes/Assessments. Borrower must pay property taxes and assessments when due.
6.3 Insurance. Borrower must maintain hazard insurance and, if applicable, flood insurance, naming Lender as mortgagee/loss payee.
6.4 Proof. Borrower will provide proof of coverage and payment upon request.
7. Borrower Covenants
7.1 Maintenance. Keep the Property in good condition and prevent waste.
7.2 No Illegal Use. No illegal activity on the Property.
7.3 No Additional Liens. No additional liens without Lender consent, except permitted liens: [List].
7.4 Due-on-Sale (Optional). Transfer of the Property without consent triggers: ☐ acceleration ☐ no acceleration (if allowed).
7.5 Access/Inspection. Lender may inspect with reasonable notice, except emergencies.
8. Defaults and Remedies
8.1 Events of Default. Non-payment, breach of covenants, uninsured loss, unpaid taxes, insolvency, or prohibited transfer.
8.2 Notice and Cure. Borrower has [__] days to cure after notice, if required.
8.3 Acceleration. Upon default, Lender may declare all sums due, subject to applicable law.
8.4 Foreclosure/Enforcement. Lender may enforce the Security Instrument and pursue lawful remedies.
8.5 Costs. Borrower pays reasonable enforcement costs and attorneys’ fees where permitted.
9. Borrower Representations
9.1 Borrower represents that:
Borrower has authority to enter into the Loan Documents
Borrower’s information is accurate to the best of Borrower’s knowledge
Borrower will comply with applicable laws related to the Property and the loan
10. Notices
10.1 Notices must be in writing and delivered to the addresses above.
11. Governing Law
11.1 This Agreement is governed by the laws of [State/Country].
12. Entire Agreement
12.1 This Agreement and the Loan Documents are the entire agreement regarding the mortgage loan.
Signatures
By signing below, the Parties agree to this Mortgage Loan Agreement as of the Effective Date.
Lender: [Full Name]
Date: [Date]
Signature: ___________________________
Borrower: [Full Name]
Date: [Date]
Signature: ___________________________
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Mortgage Loan Agreement (General / Hub) Template
MORTGAGE LOAN AGREEMENT (GENERAL / HUB) TEMPLATE FAQ
What is a mortgage loan agreement?
A Mortgage Loan Agreement is a contract that documents a loan used to buy or refinance real property. It summarizes the loan terms (principal, interest, payment schedule) and ties the loan to a security instrument (a mortgage or deed of trust) recorded against the property.
Is this the same as a mortgage or deed of trust?
Not exactly. A mortgage/deed of trust is the security instrument recorded in the land records. The loan agreement (and often a promissory note) sets repayment and borrower obligations. Many real estate loans use all three: loan agreement + promissory note + mortgage/deed of trust.
When should you use a “general” mortgage loan agreement?
Use a general template as a starting point when you need a flexible structure that can be adapted to many scenarios (purchase loans, private loans, seller financing, refinancing). This “hub” template includes common core terms and references to related documents.
What should be included?
Common terms include: loan amount, funding, interest, repayment schedule, escrow requirements, property insurance and taxes, borrower covenants, due-on-sale, default and remedies, and how related documents (note and mortgage) interact.
Does this guarantee the loan is compliant?
No. Mortgage rules vary widely by jurisdiction and can involve consumer lending laws and disclosure requirements. This template is a general structure; for regulated consumer mortgages, lenders typically use jurisdiction-specific forms and disclosures.
What is AI Lawyer?
AI Lawyer is an AI-powered assistant that helps you create and customize legal and business document templates online. It guides you through key sections, suggests wording, and explains complex concepts in simple language. AI Lawyer does not replace a licensed attorney or provide legal advice, but helps you prepare better documents faster and more confidently.
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