What document is typically signed to indicate acceptance of a mortgage offer?

The document that is typically signed to indicate acceptance of a mortgage offer is the mortgage or deed of trust. When a borrower accepts a mortgage offer, they formalize their commitment to the loan by signing the mortgage or deed of trust, which secures the loan with the property being purchased as collateral. This means that if the borrower defaults on the loan, the lender has the right to foreclose on the property to recover the owed amount.

While the loan application is the initial document where the borrower requests a loan and provides personal and financial information, it does not signify acceptance of the mortgage terms. The promissory note is a separate document where the borrower promises to repay the loan under agreed terms, but it does not by itself indicate that the mortgage offer has been accepted. A closing statement outlines all the closing costs and fees associated with the transaction but does not serve as the formal acceptance of the mortgage offer. Thus, signing the mortgage or deed of trust is the crucial step that formally indicates acceptance of the mortgage offer.