What form must borrowers receive that details the specific terms of a mortgage?

The Loan Estimate is a critical document that borrowers must receive within three business days of applying for a mortgage. This form outlines the specific terms of the mortgage, including the interest rate, monthly payments, and estimated closing costs. It provides a clear and transparent overview of the loan's features, allowing borrowers to compare different loan offers effectively. The Loan Estimate is designed to help borrowers understand the financial implications of the mortgage they are considering, ensuring they can make informed decisions.

The other documents mentioned, such as a credit report, mortgage agreement, and home appraisal report, serve different purposes. The credit report provides information about the borrower's credit history, the mortgage agreement is the final contract between the lender and the borrower, and the home appraisal report assesses the market value of the property. However, none of these documents specifically detail the terms of the mortgage itself in the way that the Loan Estimate does.