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.