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Simple English definitions for legal terms

mortgage note

Read a random definition: APV

A quick definition of mortgage note:

A mortgage note is a written promise to pay back money that was borrowed to buy a house. It's like a special kind of IOU that says the borrower will make regular payments to the lender until the entire amount is paid off. The note is usually secured by the house, which means if the borrower doesn't make the payments, the lender can take the house as payment instead.

A more thorough explanation:

A mortgage note is a written promise by one party (the borrower) to pay money to another party (the lender) or to bearer. It is a legal document that outlines the terms and conditions of a loan for which real property has been offered as security.

  • Balloon note: A note that requires small periodic payments but a very large final payment. The periodic payments usually cover only interest, while the final payment (the balloon payment) represents the entire principal.
  • Floating-rate note: A note carrying a variable interest rate that is periodically adjusted within a predetermined range, usually every six months, in relation to an index, such as Treasury bill rates.
  • Mortgage note: A note evidencing a loan for which real property has been offered as security.
  • Nonrecourse note: A note that may be satisfied upon default only by means of the collateral securing the note, not by the debtor's other assets.
  • Recourse note: A note that may be satisfied upon default by pursuing the debtor's other assets in addition to the collateral securing the note.

These examples illustrate the different types of mortgage notes that exist and the various terms and conditions that can be included in them. For example, a balloon note may be suitable for a borrower who expects to have a large sum of money available at the end of the loan term, while a floating-rate note may be more appropriate for a borrower who wants to take advantage of changing interest rates. Nonrecourse notes may be preferred by borrowers who want to limit their liability in case of default, while recourse notes may be preferred by lenders who want to have more options for recovering their money.

mortgage market | mortgage point

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19:42
Maybe, didnt happen last time.
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it was hard to not improve it. google search was terrible due to the ads and seo cheaters with buzz words and alt text
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SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
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Maybe, but if this is populism, then every election is populist.
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@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
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[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
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