Definition: Mortgage and Note are two loan documents that are issued by a lender to borrowers in exchange for money, or a portion thereof, borrowed against certain assets. The term "mortgage" refers to a debt contract with a borrower where the lender agrees to pay back the borrower after a certain period of time (usually ten years) if the borrower's property is not sold at a profit. The note, on the other hand, is a financial statement that shows a borrower's outstanding debt and their interest rate based on the loan amount borrowed. The word 'mortgage' describes how money is lent to someone so they can buy or pay off a house or another asset. It often involves a payment made by the lender to cover the borrower's debts during certain periods of time, and it can also involve an agreement between the borrower and the lender outlining the terms of the loan. The word 'note' refers to a financial document that is issued with a mortgage to show the interest rate on the loan and the repayment period. It typically shows the amount borrowed, the term for which it's due back, and the interest rates or other fees charged by the borrower. In summary: - Mortgage: A debt contract where a lender agrees to pay back a borrower if they have a certain property at a specific value (the note). - Note: A financial statement that shows what the borrower owes and how much money they need to repay based on the loan amount borrowed.
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