Which document outlines a homeowner's financial agreement regarding a mortgage?

The mortgage contract is the document that explicitly outlines a homeowner's financial agreement regarding a mortgage. It serves as a binding agreement between the lender and the borrower, detailing the terms of the loan, including the amount borrowed, interest rates, payment schedule, and the responsibilities of both parties involved. This contract not only specifies how and when the borrower must repay the loan, but it also includes important clauses related to defaults, recourse for the lender, and other obligations tied to the property being financed.

In contrast, a title deed primarily serves to prove ownership of the property rather than delineate financial terms. An appraisal report provides an assessment of the property’s market value, which may influence the details of the mortgage but does not specify the financial agreement itself. A real estate listing typically showcases properties for sale and includes information such as price and features but does not address the financing aspect or the homeowner's obligations related to a mortgage. Each of these documents plays a role in real estate transactions, but the mortgage contract is specifically designed to detail the financial terms of the mortgage agreement.