Which aspect of the loan does the mortgage agreement explicitly cover?

The mortgage agreement explicitly covers the terms of repayment because this document outlines the specifics of how the loan will be paid back. It includes details such as the loan amount, the length of the loan (loan term), the payment schedule (monthly, quarterly, etc.), and any other conditions related to repayment. Understanding the repayment terms is crucial for borrowers, as they dictate how much will be paid periodically and the total amount over the life of the loan, ensuring transparency and clarity in the borrower-lender relationship.

Other options, while related to lending and the financial aspects of mortgages, are not directly addressed in the mortgage agreement itself. The creditworthiness of the borrower is assessed as part of the loan approval process but is not a term of the agreement. Interest rates charged on other loans and market conditions influencing rates are factors that influence the cost of borrowing but are not explicitly covered in the mortgage agreement. Instead, the mortgage agreement focuses on the specific commitments made between the lender and borrower regarding the loan in question.