{"id":104433,"date":"2025-08-25T09:06:14","date_gmt":"2025-08-25T16:06:14","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/?p=104433"},"modified":"2025-08-25T09:06:14","modified_gmt":"2025-08-25T16:06:14","slug":"what-is-a-mortgage-note","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/what-is-a-mortgage-note\/","title":{"rendered":"What Is a Mortgage Note in Real Estate and How Does It Work?"},"content":{"rendered":"<h3><i><span style=\"font-weight: 400;\">Key takeaways<\/span><\/i><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A mortgage note is your signed promise to repay your home loan.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It outlines the loan amount, interest rate, repayment schedule, and default terms.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It\u2019s different from a mortgage or deed of trust, which secures the loan with your property.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Lenders can sell your mortgage note, but your terms won\u2019t change.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">When you buy a home and take out a mortgage, you sign a lot of paperwork. One of the most important documents is the mortgage note. Sometimes called a promissory note, this legally binding contract lays out the details of your loan and your promise to repay it. Whether you\u2019re browsing <\/span><a href=\"https:\/\/www.redfin.com\/city\/30818\/TX\/Austin\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">homes for sale in Austin, TX<\/span><\/a><span style=\"font-weight: 400;\"> or considering <\/span><a href=\"https:\/\/www.redfin.com\/city\/16163\/WA\/Seattle\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">buying a house in Seattle, WA<\/span><\/a><span style=\"font-weight: 400;\">, understanding how a mortgage note works is essential.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this Redfin article, we\u2019ll break down what a mortgage note is, what\u2019s included, how it works, and why it matters.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-102096\" src=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/06\/Focused-millennial-Black-business-woman-calculating-finance-money-using-calculator-laptop-computer-at-home-workplace-table-counting-budget-paying-bills-taxes-rent-mortgage-fees.jpg\" alt=\"Focused millennial Black business woman calculating finance, money, using calculator, laptop computer at home workplace table, counting budget, paying bills, taxes, rent, mortgage fees\" width=\"1200\" height=\"800\" srcset=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/06\/Focused-millennial-Black-business-woman-calculating-finance-money-using-calculator-laptop-computer-at-home-workplace-table-counting-budget-paying-bills-taxes-rent-mortgage-fees.jpg 1200w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/06\/Focused-millennial-Black-business-woman-calculating-finance-money-using-calculator-laptop-computer-at-home-workplace-table-counting-budget-paying-bills-taxes-rent-mortgage-fees-300x200.jpg 300w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/06\/Focused-millennial-Black-business-woman-calculating-finance-money-using-calculator-laptop-computer-at-home-workplace-table-counting-budget-paying-bills-taxes-rent-mortgage-fees-1024x683.jpg 1024w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/06\/Focused-millennial-Black-business-woman-calculating-finance-money-using-calculator-laptop-computer-at-home-workplace-table-counting-budget-paying-bills-taxes-rent-mortgage-fees-768x512.jpg 768w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/06\/Focused-millennial-Black-business-woman-calculating-finance-money-using-calculator-laptop-computer-at-home-workplace-table-counting-budget-paying-bills-taxes-rent-mortgage-fees-225x150.jpg 225w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/06\/Focused-millennial-Black-business-woman-calculating-finance-money-using-calculator-laptop-computer-at-home-workplace-table-counting-budget-paying-bills-taxes-rent-mortgage-fees-945x630.jpg 945w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/06\/Focused-millennial-Black-business-woman-calculating-finance-money-using-calculator-laptop-computer-at-home-workplace-table-counting-budget-paying-bills-taxes-rent-mortgage-fees-450x300.jpg 450w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<h2><span style=\"font-weight: 400;\">What is a mortgage note?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A mortgage note is the written agreement between you (the borrower) and your lender that specifies:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The amount you borrowed<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The interest rate<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The repayment schedule (monthly payments, term length, due dates)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What happens if you miss payments or default<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Think of it as the &#8220;IOU&#8221; of your <\/span><a href=\"https:\/\/www.redfin.com\/blog\/types-of-mortgage-loans\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">home loan<\/span><\/a><span style=\"font-weight: 400;\">. Unlike your mortgage or deed of trust, which secures the loan against your property, the mortgage note itself is your personal promise to repay.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What\u2019s included in a mortgage note<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">While the exact format may vary by lender and state, most mortgage notes include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Loan amount (principal):<\/b><span style=\"font-weight: 400;\"> The total you borrowed.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Interest rate:<\/b><span style=\"font-weight: 400;\"> Fixed or adjustable.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Payment terms:<\/b> <a href=\"https:\/\/www.redfin.com\/mortgage-calculator\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Monthly payment amoun<\/span><\/a><span style=\"font-weight: 400;\">t, due date, and loan term (e.g., 15 or 30 years).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Late fees and default penalties:<\/b><span style=\"font-weight: 400;\"> How much you\u2019ll pay if you miss deadlines.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Acceleration clause:<\/b><span style=\"font-weight: 400;\"> Gives the lender the right to demand the full balance if you default.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Prepayment terms:<\/b><span style=\"font-weight: 400;\"> Whether you can pay off your mortgage early without penalty.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Signatures:<\/b><span style=\"font-weight: 400;\"> Both you and the lender (or their authorized representative) must sign for it to be enforceable.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Types of mortgage notes<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Not all mortgage notes are the same. The type you sign depends on your loan structure and agreement with your lender. Common types include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Fixed-rate mortgage note:<\/b><span style=\"font-weight: 400;\"> Outlines a loan with an interest rate that stays the same for the entire term, making monthly payments predictable.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Adjustable-rate mortgage (ARM) note:<\/b><span style=\"font-weight: 400;\"> Includes terms where the interest rate can change after an initial fixed period, based on market conditions.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Balloon mortgage note:<\/b><span style=\"font-weight: 400;\"> Requires smaller monthly payments at first but ends with a large lump-sum \u201cballoon\u201d payment at the end of the term. More common in commercial or short-term lending.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Interest-only mortgage note:<\/b><span style=\"font-weight: 400;\"> Lets borrowers pay only the interest for a set period before switching to full principal and interest payments.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Convertible mortgage note:<\/b><span style=\"font-weight: 400;\"> Allows an adjustable-rate loan to convert into a fixed-rate loan under certain conditions.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Mortgage note vs. mortgage (or deed of trust)<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Borrowers often confuse the mortgage note with the mortgage itself. Here\u2019s the difference:<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>Document<\/b><\/td>\n<td><b>What It Does<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Mortgage note<\/b><\/td>\n<td><span style=\"font-weight: 400;\">Your promise to repay the loan. Outlines terms and conditions.<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Mortgage\/deed of trust\u00a0 (security instrument)<\/b><\/td>\n<td><span style=\"font-weight: 400;\">The legal document that secures the loan with your home as collateral. It gives the lender rights to foreclose if you don\u2019t pay.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>&gt;&gt;&gt;Read: <\/b><a href=\"https:\/\/www.redfin.com\/blog\/what-is-a-mortgage\/\" data-wpel-link=\"exclude\"><b>What is a Mortgage?<\/b><\/a><\/p>\n<h2><span style=\"font-weight: 400;\">Mortgage note vs. promissory note<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The terms &#8220;mortgage note&#8221; and &#8220;promissory note&#8221; are often used interchangeably, but there\u2019s a subtle difference:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Promissory note:<\/b><span style=\"font-weight: 400;\"> A broad legal document in which a borrower promises to repay a debt. It can apply to many types of loans, not just mortgages.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Mortgage note:<\/b><span style=\"font-weight: 400;\"> A specific type of promissory note tied to a home loan. It includes detailed terms like the loan amount, interest rate, repayment schedule, and consequences of default.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">In short, all mortgage notes are promissory notes, but not all promissory notes are mortgage notes. The \u201cmortgage\u201d part means your home secures the debt, giving the lender the right to foreclose if you don\u2019t pay.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Why a mortgage note matters<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The mortgage note is critical for several reasons:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Proof of debt:<\/b><span style=\"font-weight: 400;\"> It\u2019s the official record that you owe money.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Borrower protection:<\/b><span style=\"font-weight: 400;\"> It clearly states your rights and obligations, preventing disputes.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Investor use:<\/b><span style=\"font-weight: 400;\"> Lenders can sell mortgage notes on the secondary market (to investors, Fannie Mae, Freddie Mac, etc.). Your loan servicing may change, but your terms stay the same.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Legal enforcement:<\/b><span style=\"font-weight: 400;\"> If you stop making payments, the lender uses the note in court to prove default.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">How can I get a copy of my mortgage note?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">If you need a copy of your mortgage note, you have a few options:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>From your lender or loan servicer:<\/b><span style=\"font-weight: 400;\"> Contact the company that manages your mortgage payments. They\u2019re required to provide you with a copy upon request.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.redfin.com\/blog\/closing-documents\/\" data-wpel-link=\"exclude\"><b>Closing documents<\/b><\/a><b>:<\/b><span style=\"font-weight: 400;\"> You should have received a copy of the mortgage note when you closed on your home. Check your closing packet or digital records from your title company.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>County recorder\u2019s office:<\/b><span style=\"font-weight: 400;\"> In some states, a version of the note may be recorded with your local county clerk or recorder of deeds. You can request a copy from them, though not all notes are public record.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Online servicing portal:<\/b><span style=\"font-weight: 400;\"> Many loan servicers let you download important loan documents directly from your online account.<\/span><\/li>\n<\/ul>\n<p><b>Tip:<\/b><span style=\"font-weight: 400;\"> If you\u2019re planning to <\/span><a href=\"https:\/\/launchpad.rocketmortgage.com\/rma\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">refinance<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/www.redfin.com\/sell-a-home\/address\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">sell your home<\/span><\/a><span style=\"font-weight: 400;\">, or simply want to confirm your loan terms, having your mortgage note on hand can make the process smoother.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Can you sell or buy mortgage notes?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Yes \u2013 but typically only lenders and investors do.Mortgage notes are bought and sold as financial assets. For example:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Performing notes:<\/b><span style=\"font-weight: 400;\"> Borrowers are making payments on time\u2014these are lower risk.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Non-performing notes:<\/b><span style=\"font-weight: 400;\"> Borrowers are behind on payments\u2014these carry higher risk and are sold at a discount.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">What happens if you lose your mortgage note?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">If your original mortgage note gets lost, lenders can often rely on digital copies, county records, or sworn statements to enforce the loan. Borrowers don\u2019t usually need to keep the original, but having your copy is wise for reference.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A mortgage note is the legal document that outlines your home loan terms and your promise to repay. Learn what\u2019s included, how it works, and why it matters when buying a home.<\/p>\n","protected":false},"author":562,"featured_media":102096,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[34277],"tags":[34642],"coauthors":[34346],"class_list":["post-104433","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-mortgage"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What Is a Mortgage Note and Why Is It Important? 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