Mortgage Note

The definition of mortgage term: Mortgage Note

The mortgage note is a 2 to 5 page document that outlines the loan details. At the very top middle of the first page it will say NOTE in all capital letters, followed by the property address, date, mortgage loan amount, monthly payment and loan term (15 years, 30 years, etc). It will state when the first payment is, when the last payment will be as well as the payment due dates. This is considered a major piece of the collateral that secures repayment of the loan.

 

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