written promise to repay a mortgage loan plus interest. The mortgage gives the lender a security interest in the mortgaged property. The mortgage note is the promissory notestating the principal amount due, the rate of interest, and the terms for repayment of the funds advanced. The borrower signing the note, and any cosigners, are personally liable for repayment of the debt.
the document that states the names of the borrower and lender, amount borrowed, interest rate, repayment terms, and other loan provisions. The mortgage pledges property as collateral; the note provides the amount of debt and repayment requirements.
the document that states the names of the borrower and lender, amount borrowed, interest rate, repayment terms, and other loan provisions. The mortgage pledges property as collateral; the mortgage note provides the amount of debt and repayment requirements.
