What Is a Mortgage Note and Where to Get One?


When most people think of mortgages, they think of the existing home that the mortgage is being used to purchase. There is, however, another essential part of a mortgage transaction: the mortgage note. But what is a mortgage note? This guide addresses this question, what it looks like, and how to get one for your home purchase.

What Is a Mortgage Note? 

A mortgage note is a legal document that lays out the terms of a mortgage loan. It includes such information as the amount of money being borrowed, the interest rate, the repayment plan, and what happens if the borrower fails to make payments. The mortgage note is signed by the lender and borrower, serving as a binding agreement between the two parties.

The mortgage note is a crucial part of the home buying process. It ensures that the borrower and lender are aware of their rights and responsibilities, and it can help prevent any misunderstandings or legal disputes down the road.

If you don’t pay your loan on time, the lender can use the mortgage loan note as proof and initiate the legal process to foreclose your loan and take ownership of your home. In addition, you can quickly pay your mortgage through a credit card or opt for home loans catered to people with bad credit if you don’t have a good credit score.

DID YOU KNOW? If you’re planning to buy a home, you must also be prepared for the underwriting process, which takes place before you’re approved for the mortgage.

What Does a Mortgage Note Look Like

As previously mentioned, a mortgage note is a legal document that lists all the essential financial details of your loan and repayment plan. The note should contain the following information.

Mortgage Loan Amount

The first and most important thing that a mortgage note contains is the amount of mortgage loan you’ve taken. It’s one of the first things discussed when you apply for a mortgage.

Down Payment Amount

This is another vital part of a mortgage note description that includes the amount of downpayment you’ve paid—typically 20% of the total loan amount paid upfront.

Monthly or Biweekly Payments

This tells you whether the loan requires monthly payments (12 annually) or biweekly (26 annually). Monthly payment loans generally have lower interest rates than biweekly ones because they allow borrowers to pay more frequently.

Fixed Mortgage or Adjustable Interest Rate

Similar to different kinds of mortgages, there are various interest rates. A fixed-rate mortgage has an interest rate that never changes over time, while an adjustable-rate mortgage can fluctuate, depending on market conditions.

Prepayment Penalty

The prepayment penalty is a fee that some lenders charge when borrowers pay off their loans early. It can be expressed as either an absolute dollar amount or a percentage of the loan’s balance.

How to Get a Mortgage Note

Mortgage notes are typically issued by a lending institution, such as banks, credit unions, and other financial institutions. While you can get a copy of your mortgage note, the original note is only given to you when you repay your loan.  Here are a few ways you can get a copy of a mortgage note.

Request Loan Paperwork From Your Lender

To obtain a mortgage note, you need to apply for a loan with your lender. Once approved, they will send you an official document that outlines all the terms and conditions associated with your mortgage loan.

Ask the Mortgage Broker

If you have questions or concerns about the description of the mortgage note, be sure to ask the broker who issued it. They should be able to provide you with copies of all the documents related to your loan, including the mortgage note.

Check With the County Recorder

You can also check with the county recorder where your home is located. They should have a copy of all documents related to any property transactions, including mortgages and deeds.

Regarding mortgage notes, you should also be aware that lenders sell your mortgage to real estate investors most of the time, as it is one of the risk-free investments for them. Regardless of who the note holder is, the terms to pay back the loan remain the same and do not affect your payments.

Key Takeaways 

  • Many are not familiar with the mortgage note definition, but understanding it is crucial to the home-buying process.
  • A mortgage note is a legal type of contract between you and the mortgage lender that lays down the terms and conditions of your loan.
  • This note includes the amount of loan secured, loan’s repayment conditions, and method of payment.
  • The mortgage note is signed during the home closing, and you can get a copy of it from the lender, your broker, and even from the county recorder.

Difference Between a Mortgage and Promissory Note 

The primary difference between a mortgage and a promissory note is that the real property secures a mortgage while a promissory note is unsecured. This means that if you default on your payments, the lender can initiate a foreclosure process wherein the mortgage note will serve as a security instrument to recoup the losses. On the other hand, a promissory note is simply an IOU from one party to another with no collateral attached.

Another difference between the two is that promissory notes can be used for other types of loans, such as student loans, car loans, or business loans. Mortgage notes are only used for mortgages.

The promissory note and mortgage note are essential to the home buying process and contain important details of your loan. To avoid making the mortgage or promissory note invalid, you must cross-check the details.

DID YOU KNOW? Both home equity loans and mortgages keep your home as collateral if you fail to make the payments on time.


A mortgage note is a legal document that lays down the terms and conditions of a mortgage loan. It’s different from a promissory note in that a promissory note is unsecured, whereas your home secures a mortgage note. A mortgage note includes the loan amount, repayment terms, interest rate, etc. You can easily get a copy of the mortgage note through your lender, broker, or via county records if your local laws permit.


Where can I get a copy of my mortgage note?

You can get a copy of the mortgage note through your lender, broker, or county records.

Does a mortgage note commit you to paying your loan?

Yes, it’s a legally binding document that commits you to pay your loan on time.

What does a mortgage agreement look like?

What is a mortgage note? A mortgage note contains your loan d, such as the amount, interest rate, repayment terms, etc.


I learned a lot about finance after working for a digital marketing company specializing in investing and trading stocks, forex, etc. After that, I got exposed to other verticals such as wealth management and personal finance, which further improved my understanding of the financial world.

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