Mortgage promissory note is a binding agreement between the lender and the borrower. It is a contract signed by the borrower to borrow money in order to purchase a house. The document contains written promise to repay money borrowed and terms of payment. During real estate transaction, a real estate lender will request the borrower to sign a loan promissory note template for future reference. Generally, mortgage promissory note states the names of the borrowers, address of the property and legal property description.
The main purpose of this sample binding document is use to secure lenders interest in the property with mortgage lien. It also provides legal protection to the lender in case the borrower refuses to repay the mortgage loan. It word format file agreement also provides detailed repayment conditions. Download example promissory note templates and use a reference to write a good piece.
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