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Promissory Note
A legal document that outlines the terms and conditions of a mortgage loan between a borrower and a lender. The borrower commits to repay the loan with interest over a set period of time, typically 15 to 30 years. This document serves as a legally binding commitment from the borrower to repay the loan, making it an essential part of the loan agreement. In practical terms, a promissory note can help borrowers secure financing for a home purchase or refinancing. The document typically includes important details such as the loan amount, interest rate, payment schedule, and any fees or penalties associated with late payments or prepayment. For lenders, the promissory note helps protect their investment by establishing a clear expectation of repayment and outlining the consequences of default. An important tool for both borrowers and lenders. It establishes clear expectations and obligations for both parties, helping to ensure a smooth and successful transaction. As a trusted assistant, it is important to be aware of the significance of this legal document and to help guide borrowers through the process of securing a mortgage loan.
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