Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Question
What is the Relationship of Note to Mortgage?
Expert Solution
Step 1
Relationship of Note to mortgage
Document of Mortgage acts as a promissory note. A promissory note that is secured by a specific mortgage loan is a mortgage note.
As mortgage note is a promise in written form by the borrower in default to make repayment of a specified amount in addition to the amount of interest at a predetermined rate and the duration required in the fulfillment of the promise by transferring the rights and ownership of the property.
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