The Mortgage or Deed of Trust: This is the "security instrument" which gives the lender a claim against your house if you fail to live up to the terms of the mortgage note. It recites the legal rights and obligations of both you and the lender and gives the lender the right to take the property by foreclosure if you default on the loan.
Note that offers a mortgage as proof of a debt and describes the terms under which the mortgage is to be repaid. Use mortgage note in a sentence " The mortgage note was signed by the individual which indicated their full understanding and agreement to the terms that are non-negotiable.
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Yes, there is a difference between a mortgage and a promissory note. The mortgage, also known as a deed of trust, is the document that provides the security for the loan. The promissory note is the actual binding document with the promise to pay back the loan.
What is a mortgage note? Also known as a promissory note or deed of trust note, it’s the basic loan contract given to you by your lender. What Is a Mortgage Note-and Do You Know Where Yours Is.
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A "secure" long-term job at either agency is rare, at best. One ex-agency employee wrote. SunTrust’s Jumbo Solution Second Mortgage product description was "revised to remove the note requiring a 5.