What document is primarily responsible for detailing the terms and conditions of a mortgage loan?

The mortgage agreement is the document that primarily outlines the terms and conditions of a mortgage loan. This document provides crucial details such as the loan amount, interest rate, payment schedule, and any conditions or covenants that the borrower must adhere to during the loan term. It serves as a legally binding contract between the borrower and the lender, ensuring that both parties are aware of their rights and obligations regarding the mortgage.

In contrast, the promissory note is a separate document that specifically details the borrower’s promise to repay the loan, including the amount owed and the repayment schedule, but it does not encompass the broader terms of the mortgage itself. The closing disclosure is a document provided before closing that outlines the final costs of the loan, including fees, which are important but secondary to the fundamental terms of the mortgage. The loan estimate, provided earlier in the loan process, gives borrowers an initial overview of the loan's terms and costs but is not the definitive contract like the mortgage agreement.