Note - a legal document that obligates a borrower to repay a
mortgage loan at a stated interest rate during a specified period of time.
Often called the promissory note, it represents the borrower's promise to pay
the lender according to the agreed-upon terms. The note lists any
penalties that will be assessed if the terms of the note are not met. A
note can also contain a warning to the borrower that the lender can "call" the
loan (demand repayment of the entire loan before the end of the term) if the
terms are violated.
to the Glossary page)