Mortgage Note Definition

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The mortgage note, in which the borrower promises to repay the debt, sets out the terms of the transaction: the amount of the debt, the mortgage due date, the rate of interest, the amount of monthly payments, whether the lender requires monthly payments to build a tax and insurance reserve, whether the loan may be repaid with larger or more.

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Mortgage Note. When you get a mortgage you will sign legal documents known as a mortgage note that promise you will repay the balance of your mortgage, with interest and other possible costs over a set period of time. If you default on your mortgage payments, the lender is allowed to take back your house and sell it.

The terms "mortgage" and "note" are casually, but erroneously, used interchangeably. A mortgage document, or in some states a deed of trust, pledges the home as collateral for the loan’s repayment. A note, however, is a promise to repay — evidence of a contract to borrow a certain amount of money, under certain terms, from the lender.

Mortgage: A mortgage is a debt instrument , secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments. Mortgages. Definition of mortgage note: Note that offers a mortgage as proof of a debt and describes the terms under which the mortgage is to be repaid.

Mortgage Note A mortgage note is a legal document that obligates a borrower to repay a loan at a stated interest rate during a specified period of time. The agreement is secured by a mortgage , a deed of trust or another security instrument that gives your lender a stake in the property.

allonge: Additional paper firmly attached to Commercial Paper , such as a promissory note, to provide room to write endorsements. An allonge is necessary when there is insufficient space on the document itself for the endorsements. It is considered part of the commercial paper as long as the allonge remains affixed thereto.

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