Mortgage Definitions: Note or Promissory Note
July 13, 2009 by Matt Freeman
Filed under Buying a Home, Home Financing, Mortgage News
Commonly we are asked to supply a copy of our note when we are refinancing our mortgage or applying for a second mortgage. Many times as a consumer we state what is a note? So I decided to post the definition here:
- A legal document that obligates a borrower to repay a mortgage loan at a stated interest rate during a specified period of time.
Your note outlines the specific terms of the loan. When the loan begins, the maturity date, the interest rate and the sum. If it is an adjustable rate mortgage and the terms of the adjustments and if you have a pre-pay. The note can tell you a lot about your loan.
Where can I find a copy of the note?
Generally, you will have a copy of the note in the packet that the title company provided you at the time of signing. It will say not or promissory note at the top of the page. If you are ever in doubt contact your Loan officer and they should be able to guide you.
Until Next Time!
