mortgage note

A mortgage note is a legal document that outlines the borrower’s promise to repay a loan used to buy property. It details the loan amount, interest rate, repayment schedule, and terms. Essentially, it’s the borrower’s contractual agreement to pay back the lender over time. If the borrower fails to make payments, the lender has the right to take ownership of the property through foreclosure. The note is a key part of the mortgage process, serving as proof of the debt and the borrower’s obligation to repay it.