What is a Mortgage Note?
A mortgage note, also known as a promissory note, is a legal contract. By signing, one agrees to repay the loan amount as well as any interest that accrues within a specified amount of time.
When obtaining a mortgage loan, you will be required to sign a Note and a Deed of Trust, or Mortgage. A Deed of Trust is a legal contract that gives your lender an interest in your home, which will serve as the collateral for your mortgage loan.
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