Mortgage Note Definition

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A mortgage, or more precisely a mortgage loan, is a long-term loan used to finance the purchase of real estate. As the borrower, or mortgager, you repay the lender, or mortgagee, the loan principal plus interest, gradually building your equity in the property.

If your home is used for security and you default on the promissory note, you could lose your home.Most promissory notes attached to a property are secured by either a trust deed, also known as a deed of trust, a mortgage or a land contract, and those instruments are recorded in the public records.Promissory notes are generally unrecorded.

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In the United States, a mortgage note (also known as a real estate lien note, borrower’s note) is a promissory note secured by a specified mortgage loan. mortgage notes are a written promise to repay a specified sum of money plus interest at a specified rate and length of time to fulfill the promise.

Legal Definition of note (Entry 2 of 2) 1 : to recognize the existence or presence of noted probable jurisdiction 2 : to make a notarial memorandum of nonpayment of (a.

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mortgage note definition, meaning, English dictionary, synonym, see also ‘mortgage rate’,chattel mortgage’,endowment mortgage’,first mortgage’, Reverso dictionary.

ALLONGE . This Allonge, dated as of June 26, 2008, is attached to and made a part of that certain Promissory Note in the principal sum of $65,000,000.00 dated as of May 17, 2007, made by 1180 astro urban renewal INVESTORS LLC, a Delaware limited liability company, to the order of bear stearns commercial MORTGAGE, INC., a New York corporation, for the purpose of annexing thereto the following.

The mortgage is the instrument that secures the loan. In California, deed of trusts are commonly used instead of mortgages. Although the documents are similar, some distinctions exist.

In the United States, the mortgage loan involves two separate documents: the mortgage note (a promissory note) and the security interest evidenced by the "mortgage" document; generally, the two are assigned together, but if they are split traditionally the holder of the note and not the mortgage has the right to foreclose.

Mortgage definition, a conveyance of an interest in property as security for the repayment of money borrowed. See more.