Is there a difference between a house note and a mortgage?



Answer:
In laymans terms, they typically refer to the same thing.

In technical terms, the note is the document you (and anyone else obligated to repay the loan) sign at closing promising to repay the loan. The note includes the term of your loan, where to make your payments, your interest rate, late charge policies, etc. The mortgage (called a "deed of trust" in some states) is the document you (and anyone with ownership interest in the home) sign at closing that acknowledges the placement of a lien (or legal claim) to the home as security or collateral for the loan granted to you. This document also contains conditions you (and other owners) agree to uphold. The typical mortgage document contains agreements to make your payments on time or suffer the consequenses of a possible foreclosure (you don't pay, you don't stay), keep the home in good repair, pay taxes and insurance on the home, use the home for legal use, etc.
House note is a term that is rather out dated but means mortgage in most instances.
same thing

More Questions and Answers...
  • Should i get a loan to help a small business back on its feet?
  • I need a private lender so I don't loose my home.?
  • How can I consolidate my credit cards and small personal loans?
  • My cosigner is going to take over payments on my car, can my name be taken off the loan and title?
  • How much will one bad rating effect my score?
  • Where can I find a state by state listing of Residential Mortgage Default percentages/statistics?
  • Am I likely to be accepted for this loan....?
  • Where to put extra money?

    • The answers post by the user, for information only, LoansGood.com does not guarantee the right.