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Select The Best Description Of The Mortgage Note.

The mortgage note, in which the borrower promises to repay the debt, sets out the terms of the transaction: the amount of the debt, the mortgage due date, the rate of interest, the amount of monthly payments, whether the lender requires monthly payments to build a tax and insurance reserve, whether the loan may be repaid with larger or more frequent payments without a prepayment penalty, and whether failing to make a payment or selling the property will entitle the lender to call the entire.

mortgage note: Note that offers a mortgage as proof of a debt and describes the terms under which the mortgage is to be repaid.

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52 All home mortgage sections ibd provision 53 State-purchase property mortgages – formerly Secretary-held (Inactive) 60 Subject to Section Trust 65 All home mortgage sections except 222 & 235 Shared Equity mortgages 70 Section 245(a) Obsolete: Section of the Act ADP Codes now apply 77 All home mortgage sections manufactured housing NOT

the borrower is the obligor under a note secured by a mortgage. the note is the borrowers obligation. 8) should a borrowor fail to make payments when due, the lender May demand immediate payment of the entire balance under the terms of the? A. Prepayment clause.

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Mortgage note – Wikipedia – In the United States, a mortgage note (also known as a real estate lien note, borrower’s note) is a promissory note secured by a specified mortgage loan. mortgage notes are a written promise to repay a specified sum of money plus interest at a specified rate and length of time to fulfill the promise.

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