Which document outlines the terms of a mortgage loan?

The Mortgage Note is the document that specifically outlines the terms of a mortgage loan. It functions as a legal agreement between the borrower and the lender, detailing crucial information such as the loan amount, interest rate, repayment schedule, and conditions under which the loan must be repaid. This document formally acknowledges the borrower's debt and provides the lender with the ability to enforce the terms if necessary.

In contrast, a Loan Estimate provides prospective borrowers with a summary of the estimated loan costs, helping them understand what they can expect regarding closing costs and interest rates. While it is an important document in the loan process, it does not serve as the binding agreement. The Closing Disclosure gives detailed information on the final terms and costs of the mortgage before closing, but again, it does not outline the original terms of the loan itself. The Title Deed is a legal document that evidences ownership of the property but does not include the terms of the mortgage loan. Therefore, the Mortgage Note is the definitive document for outlining the loan terms.