What is the primary document for mortgaging a property?

The primary document for mortgaging a property is the mortgage note. This document serves as a written promise to repay the borrowed money used to purchase or refinance a property. It outlines key terms such as the loan amount, interest rate, repayment schedule, and the borrower's obligations. Essentially, the mortgage note is a crucial legal instrument that grants the lender the right to take possession of the property if the borrower fails to meet the repayment terms.

In the context of a mortgage, while a property deed indicates ownership, it does not directly deal with the borrowing of funds. Real estate listings are used for marketing properties for sale and are not essential to the mortgage process. An appraisal report provides an estimate of a property's value but, like the property deed, does not contain the terms of the loan or the borrower's promise to pay it back. Thus, the mortgage note is the foundational document that establishes the lender-borrower relationship within the context of financing real estate transactions.