Below are this morning's mortgage rates for North Carolina but first I want to provide you the definition of a note and why it is so important to review it before signing your final loan documents.
A mortgage note is a promissory note (Definition below) associated with a specific mortgage loan; it's a written promise to repay a specified sum of money plus interest at a specified rate and length of time to fulfill the promise. While the mortgage itself pledges the title to real property as security for a loan, the mortgage note states the amount of debt and the rate of interest, and makes the borrower who signs the note personally responsible for repayment.
A promissory note, referred to as a note payable in accounting, or commonly, just a "note" is a contract where one party (the maker or issuer) makes an unconditional promise in writing to pay a sum of money to the other (the payee), either at a fixed or determinable future time or on demand of the payee, under specific terms. They differ from IOUs in that they contain a specific promise to pay, rather than simply acknowledging that a debt exists.)
It is critical to review your note before signing it to make sure it is accurate. In North Carolina it is the closing attorney's responsibility to review this with the borrower(s), however mistakes can be made since the attorney was not involved in the rate lock and loan itself. We always review the note and the HUD1 with our customers as part of our service.
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| Rates as of Monday September 28, 2009: | ||||||||||||||||||||||||||||||||||||||||||||||||||
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| *Rates are subject to change due to market fluctuations and borrower's eligibility. | ||||||||||||||||||||||||||||||||||||||||||||||||||
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Once again, another great post by the Mortgage Guru, Nevin Williams!
Great stuff my friend.
Nevin - well I learned something more about notes today that I didn;t know, so thanks.
Jeff
Thanks for this great post, Nevin! Again, I'll have to re-blog for the people in my area to help them understand "notes"