The Residential Mortgage Contract serves as the primary legal instrument securing a loan for residential property purchase in the United States. This document is essential when individuals seek financing for home purchases, establishing the borrower's obligation to repay the loan and the lender's right to foreclose if payments are not made. It must adhere to various federal regulations including the Truth in Lending Act, Real Estate Settlement Procedures Act, and state-specific requirements. The contract typically includes detailed terms about interest rates, payment schedules, escrow requirements, and default provisions.
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1. Parties: Identification of lender and borrower(s), including full legal names and addresses
2. Background: Context of the loan and property transaction, including purpose of the mortgage
3. Definitions: Key terms used throughout the agreement including 'Property', 'Note', 'Principal', 'Interest Rate'
4. Loan Details: Principal amount, interest rate, term length, and payment schedule details
5. Security Interest: Details of the property serving as collateral and the security interest being granted
6. Payment Terms: Payment obligations, due dates, methods of payment, and allocation of payments
7. Default Provisions: Definition of default events, consequences, and lender's remedies including foreclosure rights
8. Insurance Requirements: Required property and mortgage insurance specifications and maintenance obligations
1. Escrow Account Provisions: Terms for escrow accounts for taxes and insurance, when required by lender
2. Prepayment Provisions: Terms and conditions for early loan payoff, including any applicable penalties
3. Private Mortgage Insurance: PMI requirements, conditions, and termination provisions for loans with less than 20% down payment
4. Adjustable Rate Provisions: Terms for rate adjustments and calculations for variable rate mortgages
1. Property Description Schedule: Legal description of the mortgaged property including lot number, subdivision, county records
2. Payment Schedule: Detailed amortization schedule showing principal and interest breakdown
3. Truth in Lending Disclosure: Federal disclosures regarding loan terms, APR, finance charges as required by TILA
4. Closing Cost Schedule: Itemized list of all closing costs, fees, and charges associated with the mortgage
5. Rate Rider: Detailed terms for rate adjustments and calculations for adjustable rate mortgages
Relevant legal definitions
Acceleration
Adjustable Rate
Amortization
Annual Percentage Rate (APR)
Borrower
Business Day
Closing Date
Default
Escrow Account
Event of Default
Fixed Rate
Good Faith Estimate
Governing Law
Hazard Insurance
Interest Rate
Late Charge
Lender
Loan Amount
Maturity Date
Mortgage
Mortgage Insurance
Note
Payment Date
Prepayment
Principal
Property
Property Address
Recording Office
Security Instrument
Settlement Statement
Successor in Interest
Taxes
Term
Title Insurance
Transfer
Trustee
Adjustable Rate
Amortization
Annual Percentage Rate (APR)
Borrower
Business Day
Closing Date
Default
Escrow Account
Event of Default
Fixed Rate
Good Faith Estimate
Governing Law
Hazard Insurance
Interest Rate
Late Charge
Lender
Loan Amount
Maturity Date
Mortgage
Mortgage Insurance
Note
Payment Date
Prepayment
Principal
Property
Property Address
Recording Office
Security Instrument
Settlement Statement
Successor in Interest
Taxes
Term
Title Insurance
Transfer
Trustee
Clauses
Loan Terms
Interest Rate
Payment Terms
Security Interest
Property Description
Default and Remedies
Acceleration
Insurance Requirements
Tax and Insurance Escrow
Representations and Warranties
Covenants
Property Maintenance
Occupancy Requirements
Transfer Restrictions
Prepayment
Late Charges
Notice Requirements
Assignment
Governing Law
Severability
Amendment
Successors and Assigns
Due on Sale
Hazard Insurance
Mortgage Insurance
Foreclosure
Right of Rescission
Assumption
Subordination
Indemnification
Interest Rate
Payment Terms
Security Interest
Property Description
Default and Remedies
Acceleration
Insurance Requirements
Tax and Insurance Escrow
Representations and Warranties
Covenants
Property Maintenance
Occupancy Requirements
Transfer Restrictions
Prepayment
Late Charges
Notice Requirements
Assignment
Governing Law
Severability
Amendment
Successors and Assigns
Due on Sale
Hazard Insurance
Mortgage Insurance
Foreclosure
Right of Rescission
Assumption
Subordination
Indemnification
Relevant Industries
Relevant Teams
Relevant Roles
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