mortgage note
Secured debt paper
A mortgage note is the legal document in which a borrower promises to repay a loan used to purchase real estate.
It specifies the loan amount, interest rate, payment schedule, and consequences of default.
The note represents the debt itself, while the mortgage secures it against the property: The bank sold our mortgage note to another lender.
If payments stop, the note holder can foreclose.
- promissoryInvolving a binding pledge
- lienClaim securing debt
- deedWritten property conveyance
- collateralSecurity for debt
- borrowerOne who takes temporarily
lender · loan officer · credit score · principal · interest · fixed rate · adjustable rate · amortization · foreclosure · equity · escrow · default · payment · late fee · signature · notary · refinance · balloon
- promissory notesIOU
mortgage noteunsecured loan
Debt lacking pledged property
personal loan · signature loan · credit card debt · payday loan · unsecured debt
mortgage noteproperty deed
Legal land ownership document
equity stake · title · home equity · full ownership · stock certificate
mortgage, note, mortgages, mortgaged, mortgaging, mortgagee, mortgagor, notes, noted