Who holds the note to my mortgage?

Who holds the note to my mortgage?

A mortgage holder, more accurately called a “note holder” or simply the “holder,” is the owner of your loan. The holder has the right to enforce the loan agreement. The loan agreement consists of: a promissory note, and.

What is the difference between a mortgage and a note?

A promissory note is often referred to as a mortgage note and is the document generated and signed at closing. A mortgage, or mortgage loan, is a loan that allows a borrower to finance a home. The promissory note is exactly what it sounds like — the borrower’s written, signed promise to repay the loan.

What is the best description of the mortgage note?

In the United States, a mortgage note (also known as a real estate lien note, borrower’s note) is a promissory note secured by a specified mortgage loan. Mortgage notes are a written promise to repay a specified sum of money plus interest at a specified rate and length of time to fulfill the promise.

What is a mortgage note example?

The Mortgage Note is the document that outlines the key terms of the mortgage and indicates the borrower’s promise to repay the debt. In short, the Mortgage Note tells you everything you need to know about your loan. …