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[Music] mortgage and promissory note whats the difference for your state exam youll need to know the difference between the mortgagor and the mortgagee we know that in real estate there is the o-r-e-e rule the or is the giver and the ee is the receiver in mortgages this is a bit counter-intuitive its logical to think of the mortgage or as the lender or the bank since the lender gives the loan to the borrower instead the mortgagor is actually the borrower who is giving the lender a lien against their property in exchange for the loan therefore the bank or lender is the mortgagee because they receive the lien from the borrower a promissory note is basically an iou that contains a promise by the borrower to repay the loan to the lender and the terms for that repayment the note will include the following information the borrowers name the property address the interest rate whether its fixed or adjustable the loan amount and the term which is the number of years the borrower has to re