Escrow & Title
Which document in a loan transaction is the borrower's personal promise to repay the debt?
AThe mortgage or deed of trust
BThe promissory note✓ Correct
CThe deed
DThe title insurance commitment
Explanation
The promissory note is the borrower's personal, unconditional promise to repay the loan. The mortgage or deed of trust is the security instrument that pledges the property as collateral.
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