Which document secures the terms of a mortgage loan?

The mortgage or deed of trust is the document that secures the terms of a mortgage loan. This document gives the lender a claim against the borrower's property if the borrower fails to meet the obligations laid out in the loan agreement. It serves as a legal instrument that establishes a lien on the property, providing the lender the right to foreclose on the property if necessary.

In contrast, the promissory note outlines the borrower's promise to repay the loan, detailing the loan amount, interest rate, and repayment terms, but it does not secure the loan against the property. The loan agreement may include many of the same terms found in the promissory note but is a broader document that governs the relationship between the lender and the borrower. Lastly, a credit report is simply an assessment of a borrower's creditworthiness and does not play a role in securing the mortgage loan itself.