What is a Mortgage Note What is a mortgage note? Let's define a couple of words first and then let's see how a mortgage note is actually secured credit and how it can work for us. A Mortgage Note, often referred to as a promissory note, is a legal document that you sign when you agree to take on the responsibility of a mortgage. So it's basically your mortgage. It is a written promise to repay a specified sum of money plus interest at a specified rate and length of time to fulfill the promise. The mortgage note also explains how the loan is to be repaid, including details about the payment amount and length of time for repayment. The borrower makes regular payments towards the loan and this is usually monthly or bi-monthly. The payments are typically made up of the principal (the original loan amount) and interest with…