Resources > Glossary > Note

Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.

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Note

Phonetics: note    \'nōt\

Function: noun

The Note is one of the most important loan documents that states the terms of the loan. The Note also discloses whether or not there will be a pre-payment penalty and could have the pre-payment penalty explained in it. In other cases, there is a pre-payment rider included in the loan documents. The Note discloses the interest rate for the loan also. Please do not confuse the rate with the APR as they are calculated differently. Address of the property, loan amount, who the lender is, dates when payments are due, where the payments should be mailed, the amount of the monthly payment in terms of principal and interest, late fees expressed as a percentage.