define mortgage note
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HOME FINANCING GLOSSARY Mortgage Note. A mortgage note is a legal document that obligates a borrower to repay a loan at a stated interest rate during a specified period of time. The agreement is secured by a mortgage, a deed of trust or another security instrument that gives your lender a stake in the property.
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What is Kansas City, MO known for? 10 Answers. , Lives in the Greater Kansas City area. Kansas City is famous for a number of things: Barbecue, Jazz, the World War 1 museum, trains, and technology. Barbecue: My favorite is probably Joe's Kansas City (formerly Oklahoma Joe's), but Q39 is a great place if you are looking for more of a sit down place.
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mortgage n. a document in which the owner pledges his/her/its title to real property to a lender as security for a loan described in a promissory note. Mortgage is an old English term derived from two French words mort and gage meaning dead pledge..
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- Contractual documents include: A promissory note, which describes what you are agreeing to. It provides you with details regarding your loan, including: The amount you owe. The interest rate of the mortgage loan. The dates when the payments are to be made. The total amount you will pay.
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Do I Get the Deed After I Pay Off My Mortgage? Key Documents. When you initially closed your mortgage loan, you had to sign several legal documents. Two of these were the promissory note and the mortgage, also known as the deed of trust. The promissory note served as your written promise that you would repay your mortgage loan over a set period at a set interest rate. The mortgage or deed of trust is then filed with your county office of land records, where it remains until you pay off your mortgage loan.
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Mortgage payable is a current liability? More commonly referred to as a note payable a mortgage payable for a business would be a Long-term liability. A mortgage would be what the company is paying to purchase their building or land. The property itself that the mortgage is on of course is the asset.
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Loan Note What is a 'Loan Note'. A loan note is an extended form of an IOU from one party to another that enables a payee to receive payments, possibly with an interest rate attached, over a set period of time, ending with the date at which the entire loan is to be repaid. Loan notes are usually provided in lieu of cash at the payee's request.
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Mortgage loan A mortgage loan, also referred to as a mortgage, is used either by purchasers of real property to raise funds to buy real estate; or alternatively by existing property owners to raise funds for any purpose, while putting a lien on the property being mortgaged. The loan is secured on the borrower's property.
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Mortgage loan For other uses, see Mortgage (disambiguation). A mortgage loan, also referred to as a mortgage, is used either by purchasers of real property to raise funds to buy real estate; or alternatively by existing property owners to raise funds for any purpose, while putting a lien on the property being mortgaged. The loan is secured on the borrower's property.
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Mortgage Principal Definition Mortgage principal describes the size of your home loan. Your mortgage contract identifies real estate as collateral to back the principal balance. Mortgage agreements also present interest rate calculations alongside terms for principal repayment. Take care to make timely mortgage principal payments, so that you may build wealth and avoid foreclosure.
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- US Legal Forms offers numerous professional mortgage documents, such as mortgages, mortgage release, partial release, mortgage satisfaction, private mortgage, estoppel certificate, mortgage assignment, mortgage modification, second mortgage, promissory note, and many other mortgage forms.
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Definitions &Translations Princeton's WordNet(4.00 / 1 vote)Rate this definition: 1  mortgage(verb) a conditional conveyance of property as security for the repayment of a loan. 2  mortgage(verb) put up as security or collateral.
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- Check your grammar now! : a mortgage having an interest rate which is usually initially lower than that of a mortgage with a fixed rate but is adjusted periodically according to the cost of funds to the lender.
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Balloon Payment A balloon note is the name given to a promissory note in which repayment involves a balloon payment. A balloon mortgage is a written instrument that exchanges real property as security for the repayment of a debt, the last installment of which is a balloon payment, frequently all the principal of the debt.
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promissory note Promissory note definition, a written promise to pay a specified sum of money to a designated person or to his or her order, or to the bearer of the note, at a fixed time or on demand. See more. Dictionary.com
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Mortgage Mortgage Law: An Overview. A mortgage involves the transfer of an interest in land as security for a loan or other obligation. It is the most common method of financing real estate transactions. The mortgagor is the party transferring the interest in land.
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- DEFINITION of 'Mortgagee'. An entity that lends money to a borrower for the purpose of purchasing a piece of real property. By accepting a mortgage on the real property, the lender creates security in the full repayment of the loan in the future. Next Up.
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What Documents Can Prove Land Ownership? Mortgage Note. A mortgage note is a document created by lenders in some states to secure a mortgage debt. Unlike a deed of trust, the property owner acquires title to the property during the closing process. The seller will also transfer the deed to the purchaser at closing instead executing a deed of trust.
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- Sign it & make it legal. A Mortgage Agreement is a pledge by a borrower that they will relinquish their claim to the property if they cannot pay their loan. Contrary to common belief, a Mortgage Agreement isn't the loan itself; it's a lien on the property.
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- In 1587, a second colony was founded on Roanoke. It was then that Virginia Dare, the first baby born to English parents in North America, was born. John White, the leader of the colony, went to England to get more supplies. When he returned in 1590, the settlement was deserted.
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note Definitions (2) 1. A short-term debt security, usually with a maturity of five years or less. 2. A legal document that obligates a borrower to repay a mortgage loan at a specified interest rate during a specified period of time or on demand; here also called promissory note.
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- Usually refers to a fixed rate mortgage where the interest rate is bought down for a temporary period, usually one to three years. After that time and for the remainder of the term, the borrower's payment is calculated at the note rate.
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Legal Documents The mortgage documents that Fannie Mae makes available through the Web fall into one of the categories: security instruments, notes, riders & addenda, and special purpose. Each document is accompanied by an an Instructions document providing: 1  the latest revision date for the document, 2  the document's purpose and the type of mortgage transactions for which it is used, 3  how to print the electronic version of the document, 4  specific changes that must be made to the document, 5  additional changes that may be made to the ....
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mortgage mortgage (plural mortgages) ( 1 law) A special form of secured loan where the purpose of the loan must be specified to the lender, to purchase assets that must be fixed (not movable) property such as a house or piece of farm land. ( 2 obsolete) State of being pledged.
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- A mortgage is a debt instrument that the borrower is obliged to pay back with a predetermined set of payments. A mortgage is a debt instrument that the borrower is obliged to pay back with a predetermined set of payments.
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Mortgage note 1 if the note has a fixed interest rate and payments, then the loan is a fixed-rate mortgage (FRM) loan. 2  a fixed interest rate with adjusting payments is a Graduated Payment Mortgage (GPM). 3  a floating interest rate and payment amount indicates an adjustable-rate mortgage (ARM).