Which financial document outlines the terms of a borrower’s mortgage loan?

The mortgage note is the correct answer because it is the primary document that outlines the terms of a mortgage loan. This legally binding document details the borrower's promise to repay the loan to the lender, including the amount borrowed, the interest rate, the repayment schedule, and any consequences for defaulting on the loan.

A mortgage note is essential for both the borrower and the lender, as it provides a clear set of expectations and responsibilities for both parties. It also serves as a record of the loan agreement and can be used in legal proceedings if necessary.

The loan origination agreement pertains to the arrangement between the borrower and the lender at the beginning of the loan process, establishing the terms under which the loan will be processed but does not outline the specific repayment terms of the mortgage itself.

The loan estimate form is designed to provide borrowers with an estimate of the loan terms and costs, but it is not a contract. It helps borrowers understand the potential costs of a mortgage but does not serve as the formal agreement containing the specific terms of repayment.

The grant deed is related to the transfer of property ownership rather than detailing the terms of a mortgage loan. It serves as a public record indicating the transfer of property from one party to another, not the specifics of loan