Legal Forms for Mortgages

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Commonly Asked Questions about Legal Forms for Mortgages

What is the difference between a promissory note and a mortgage note?

The key differences between a mortgage and a promissory note can be summarized as follows: The purpose of the document. A mortgage creates a security interest in the property (a lien) for the lender, while the promissory note serves as the borrowers written promise to repay the debt.

Is a mortgage deed the same as the note?

The Note is signed by the people who agree to pay the debt (the people that will be making the mortgage payments). The Deed and the Deed of Trust are signed by those who will own the property that is being mortgaged.

What is the difference between a mortgage deed and a promissory note?

By signing you are confirming that; a) The information given, whether on the application form or otherwise, is true, accurate, complete and not misleading and that you will notify us promptly of any changes. that may occur before the mortgage is completed. b) You have never been refused a mortgage by another lender.

What is mortgage paperwork called?

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 isnt the loan itself; its a lien on the property.

Is a promissory note the same as a deed?

The promissory note focuses on the borrowers commitment to repay the lender. The deed of trust is an overarching document that specifies what happens if the borrower doesnt live up to that promise (i.e., defaults on the loan).

Overview What is a mortgage form?

Promissory Note Vs. Mortgage. A promissory note is a document between the lender and the borrower in which the borrower promises to pay back the lender, it is a separate contract from the mortgage. The mortgage is a legal document that ties or secures a piece of real estate to an obligation to repay money.

Can a mortgage exist without a promissory note?

Unless the lender uses a different document or terminology for promissory note, there typically wouldnt be a mortgage in place without a promissory note.