Mortgage Note
/ˈmɔːrɡɪdʒ noʊt/
Definitions
- (n.) A legal document evidencing a borrower's promise to pay a specified sum secured by a mortgage on real property.
The borrower signed the mortgage note at closing, agreeing to the loan terms.
Forms
- mortgage note
- mortgage notes
Related terms
See also
Commentary
A mortgage note specifically evidences the debt and the borrower's obligation to repay; it is distinct from the mortgage or deed of trust, which creates the security interest.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.