Finance
What is a mortgage note (promissory note) in real estate?
AThe deed conveying property
BThe written promise to repay the loan, specifying terms, interest rate, payment schedule, and consequences of default✓ Correct
CA notification from the lender about rates
DA recording of the mortgage lien
Explanation
The mortgage note (promissory note) is the borrower's written promise to repay the loan. It specifies the loan amount, interest rate, repayment schedule, and remedies for default. The mortgage instrument secures the note with the property as collateral.
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