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Glossary

Mortgage Note

Financial Term

A mortgage note is a legal document that outlines the terms and conditions of a loan used to purchase a property. It acts as evidence of the debt owed by the borrower to the lender. The note provides detailed information about the loan amount, interest rate, repayment terms, and any other relevant information.

In the financial industry, mortgage notes are commonly used by lenders and mortgage brokers as a way to ensure repayment of the loan. They are typically sold in the secondary market to investors who are willing to purchase the right to receive the payments on the loan that was originated by the lender. This process is known as securitization.

Mortgage notes are also used in foreclosure proceedings when a borrower fails to make payments on their loan. In such a case, the lender may take possession of the property and sell it to pay off the outstanding debt. The note serves as the legal document that gives the lender the right to foreclose on the property.

Overall, mortgage notes play an essential role in the mortgage industry as they provide a clear and legally binding agreement between the borrower and the lender. They ensure that the borrower understands their obligations regarding loan repayment and can serve as a valuable asset for investors seeking stable income streams.


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