A mortgage note, sometimes called a real estate lien note, is a signed legal document that states the signer will repay the amount that has been loaned, plus any interest that accrues during a specified amount of time at a predetermined interest rate.


When you take out a loan to purchase the home, you will need to sign the mortgage (deed of trust) as well as this promissory note. The promissory note contains the terms of loan repayment, while the deed is released to you upon completion of payment.