Definition of mortgage note: Note that offers a mortgage as proof of a debt and describes the terms under which the mortgage is to be repaid.
Mortgage Note. When you get a mortgage you will sign legal documents known as a mortgage note that promise you will repay the balance of your mortgage, with interest and other possible costs over a set period of time. If you default on your mortgage payments, the lender is allowed to take back your house and sell it.
Related to Mortgage note: mortgage deed, deed of trust Mortgage A loan secured by the collateral of some specified real estate property which obliges the borrower to make a predetermined series of payments.
Definition of MORTGAGE NOTE: As a part of a mortgage agreement this type of promissory note states the loan’s amount and duration, the applicable interest rate, and makes the The Law Dictionary Featuring Black’s law dictionary free online Legal Dictionary 2nd Ed.
Bank Rate Calculator Mortgage What Is A Ballon Payment mortgage payment definition Debt-to-Income Ratio – DTI Definition – The debt-to-income ratio is the percentage of your gross monthly income that goes to paying your monthly debt payments. The DTI ratio is one of the metrics that lenders, including mortgage lenders,