Specific lending terms are displayed within a mortgage note.
Financial documents, such as a good-faith estimate and a mortgage note, offer transparency for borrowers and lenders. Knowing the costs of a loan and the terms of repayment provides a clear understanding for both parties. Financial institutions will record certain documents for real property, such as a mortgage note and a deed of trust, within local courthouses. Borrowers are provided with a copy of their loan documents during the settlement transaction.
A lender-issued mortgage note reflects the loan amount, the interest rate, the number of scheduled months to repay the loan and other details. Information about the type of loan that a borrower obtains is conveyed within a mortgage note. For example, a lender may issue a fixed-rate mortgage loan, an adjustable-rate
mortgage loan or a loan with an interest-only feature. A rider will be attached to mortgage notes with a balloon payment or other unique features.
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