Promissory note

The paper that says the borrower will repay a stated amount, at a stated rate, on a stated schedule is the promissory note. The deed transfers ownership. The deed of trust or mortgage gives the lender a security interest. A borrower usually signs all three kinds of papers at closing, and they are not substitutes.

CFPB’s official closing-documents page identifies the promissory note as the agreement that describes the amount owed, the rate, and the payment schedule. That official distinction is PRIMARY. The closing-process page is supporting context.

People call every closing paper the mortgage. The note is the repayment promise.

• Deed of trust
• Mortgage