What is the primary purpose of a mortgage document?

The primary purpose of a mortgage document is to establish a legal claim, or lien, on the property that serves as collateral for the loan. This means that if the borrower (mortgagor) fails to fulfill their obligations, such as making timely payments, the lender (mortgagee) has the legal right to foreclose on the property. In essence, the mortgage grants the lender security, allowing them to recover the loan amount through the sale of the property if necessary.

Options concerning detailing the interest rate or outlining borrower rights are indeed components of a mortgage document, but they do not capture the fundamental essence of what a mortgage does in terms of enforcing the lender's rights. The incorrect option about seizing personal assets misunderstands the nature of the mortgage and the relationship between the borrower and lender since mortgages specifically pertain to real property rights, not personal assets.