A mortgage note, also called a promissory note, is a legal document that outlines the borrower's promise to repay the loan. It includes key terms such as loan amount, interest rate, repayment schedule, and maturity date.
What the mortgage note includes
- Loan amount
- Interest rate
- Payment schedule
- Loan term
- Maturity date
- Late payment terms
- Borrower obligations
- Lender rights if the loan is not repaid
Mortgage note vs. mortgage or deed of trust
The note is the borrower's promise to repay the debt. The mortgage or deed of trust secures the loan against the property. Together, these documents help define the borrower's repayment obligation and the lender's interest in the property.
Why the mortgage note matters
The note is one of the most important loan documents because it explains the repayment terms. Borrowers should review it carefully before signing at closing.
Learning about mortgage documents before buying or refinancing?
Where to find your mortgage note
- Closing document package
- Settlement agent records
- Lender or servicer records
- Personal mortgage files
Understand your options before signing loan documents.
Get StartedMortgage documents vary by state, lender, loan type, and transaction. This article is for educational purposes only and is not legal advice.