Virgin Islands Mortgage Note
Description
How to fill out Mortgage Note?
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FAQ
A promissory note is a written agreement containing the details of the mortgage loan, whereas a mortgage is a loan that is secured by real property. A promissory note is often referred to as a mortgage, but they are separate contracts.
So, as a rule of thumb, if someone is on the Deed, they must be on the Mortgage. But just because they are on the Mortgage, doesn't mean they are on the Note.
Our trained and certified loan originators specialize in financing homes in the U.S. Virgin Islands area real estate market. We are prepared to find the right loan program with competitive rates and low down payments for you.
A mortgage note is the document that you sign at the end of your home closing. It should accurately reflect all the terms of the agreement between the borrower and the lender or be corrected immediately if it doesn't.
Anyone who is on the Deed of the property being used as collateral must be on the Mortgage. However, just because someone is on the Mortgage, doesn't mean that they are personally liable for the debt. Only the person that signs the Note is personally liable for the debt.
How can I get an extra copy of my mortgage note? If you misplaced your copy of the mortgage note, request another copy from your mortgage lender or servicer. Some lenders require you to make this request in writing. You could also try to retrieve a copy through your local recording office.
Promissory Note Vs. Mortgage. A promissory note is a document between the lender and the borrower in which the borrower promises to pay back the lender, it is a separate contract from the mortgage. The mortgage is a legal document that ties or "secures" a piece of real estate to an obligation to repay money.
Promissory notes may also be referred to as an IOU, a loan agreement, or just a note. It's a legal lending document that says the borrower promises to repay to the lender a certain amount of money in a certain time frame. This kind of document is legally enforceable and creates a legal obligation to repay the loan.
