A mortgage is the contract in which a buyer and lender determine the terms of a mortgage, including payment amounts, interest rates, and other terms of the agreement. A mortgage contract is a non-contiguous document that gives the bank the right to pledge the property if the buyer does not make the agreed payments. Getting pre-approved for a mortgage is not the same as getting a mortgage contract. Pre-approval indicates that the lender is interested in giving money to a home buyer after a high-level valuation. You can choose to further value them, as well as the property, before offering the actual contract.