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Private Mortgage Loan Agreement

Private Mortgage Loan Agreement Template for United States

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Key Requirements PROMPT example:

Private Mortgage Loan Agreement

"Need a Private Mortgage Loan Agreement for a $450,000 residential property loan with a 15-year term at 6.5% interest rate, including provisions for early repayment without penalties and monthly payments starting March 2025."

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Document background
The Private Mortgage Loan Agreement serves as a critical legal instrument in private real estate financing within the United States. This document is typically used when individuals or private entities, rather than traditional financial institutions, provide mortgage financing. The agreement must comply with both federal regulations (including TILA, RESPA, and HOEPA) and state-specific mortgage and usury laws. It includes essential elements such as loan terms, security interests, payment schedules, default provisions, and required disclosures, while protecting both lender and borrower interests through clear documentation of obligations and rights.
Suggested Sections

1. Parties: Identification of lender and borrower with full legal names and addresses

2. Background: Context of the loan agreement and property details

3. Definitions: Key terms used throughout the agreement including defined terms required by federal and state regulations

4. Loan Amount and Terms: Principal amount, interest rate, and repayment terms including compliance with TILA requirements

5. Security Interest: Details of the mortgage security over the property and compliance with state security interest laws

6. Payment Terms: Payment schedule, method, and late payment provisions in compliance with state usury laws

7. Representations and Warranties: Statements of fact by borrower regarding their situation and the property

8. Default Provisions: Events of default and consequences, including state-specific foreclosure procedures

9. Governing Law: Applicable jurisdiction and law, including reference to relevant federal and state regulations

Optional Sections

1. Insurance Requirements: Property insurance obligations and minimum coverage requirements

2. Property Maintenance Obligations: Requirements for property upkeep and maintenance standards

3. Prepayment Provisions: Terms for early loan repayment including any penalties or privileges

4. Transfer or Sale Provisions: Terms governing the sale or transfer of the property during the loan term

Suggested Schedules

1. Property Description Schedule: Legal description of the mortgaged property including lot number, boundaries, and registry details

2. Payment Schedule: Detailed amortization schedule showing payment amounts, dates, and allocation between principal and interest

3. Required Insurance Schedule: Specific insurance requirements and minimum coverage amounts

4. Truth in Lending Disclosure Statement: Federally required disclosure of loan terms, costs, and APR as required by TILA

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Clauses
Loan Amount and Terms
Interest Rate
Repayment Terms
Security Interest
Property Description
Mortgage Covenants
Insurance Requirements
Default and Remedies
Prepayment Rights
Late Payment Penalties
Property Maintenance
Transfer Restrictions
Tax and Insurance Escrow
Representations and Warranties
Notice Requirements
Assignment and Transfer
Amendment and Modification
Governing Law
Dispute Resolution
Severability
Force Majeure
Indemnification
Recording and Registration
Acceleration
Due on Sale
Foreclosure Rights
Industries

Truth in Lending Act (TILA) and Regulation Z: Federal law requiring disclosure of key terms and costs in consumer credit transactions, including specific disclosures for mortgage loans

Real Estate Settlement Procedures Act (RESPA): Federal law governing real estate settlement processes and requiring specific disclosures about real estate transactions

Home Ownership and Equity Protection Act (HOEPA): Federal law providing additional protections for high-cost mortgages and setting requirements for high-interest loans

Equal Credit Opportunity Act (ECOA): Federal law prohibiting discrimination in lending and ensuring fair access to credit

Fair Housing Act: Federal law prohibiting discrimination in real estate transactions and affecting lending practices related to housing

State Usury Laws: State-specific laws governing maximum interest rates and late fee restrictions

State-Specific Mortgage Laws: State laws covering recording requirements, foreclosure procedures, and redemption rights

State Security Interest Laws: State laws governing requirements for creating and perfecting security interests, including priority rules

State-Specific Disclosure Requirements: Additional state-mandated disclosures beyond federal requirements, including state-specific forms or language requirements

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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