Information in simple English

What is a mortgage note?

The mortgage note is a legal document that describes how the borrower will repay the loan to the lender.

It's a written promise (promissory note) to repay the loan.

The mortgage note states the following details:

  • The principal amount plus interest to be paid by the borrower.
  • The interest rate.
  • Time and place of payments.
  • Amount of monthly payments.
  • Borrower's right to prepay.
  • The details of late charges.