Question by Hulk: What exactly is a Mortgage Note, what does a mortgage note look like?
I am in the middle of refinancing and was asked to submit a copy of my “mortgage note.” What exactly is a mortgage note? I searched through the piles of paper I signed when I got my mortgage/place but couldn’t really find it. Is a “mortgage note” the same thing as your mortgage bill that comes every month….which shows the balance on the mortgage, the interest rate and the actual amount you owe for the month?
Best answer:
Answer by mazziatplay
Ask for clarification from your lender. The note from a mortgage transaction is called a Promissory Note. You will find a copy in the closing package for your current mortgage.
Know better? Leave your own answer in the comments!
It is a promissory note secured by a Mortgage. That is it is a piece of paper that says: I owe you $ XX,XXX plus interest of X% payable in equal monthly payments of $ XX until fully paid. It will also refer to the Mortgage deed whereby you agree the payee can take back the property if you don’t make the payments. It will also have other provisions like penalties for late payments, etc., but all that is just accessory. It will have your signature at the bottom.
These days it is several pages long & a copy is attached to your mortgage. Go to your closing papers; Take out your mortgage and flip thru it until you come to the page that says: NOTE at the top. That’s it.
The note is simply the actual loan. It usually only says note, it tends to be anywhere from 5-20 pages. If this is a sepecial loan such as an ARm or Balloon ir may say Balloon Note or Adjustable Rate Note. This document is not notorized.