What is a Mortgage Note?
A mortgage note is financial instrument that detailed the details of a loan. Mortgages notes are used in the purchase of a real estate property or business. Traditional mortgages are normally provided by Banks, Credit Unions or other large financial institutes.
A private mortgage notes are held by home sellers or property sellers. A private mortgage note can be offered by a home seller generally when the home is owned outright by the homeowner. This type of financing is called owner financing or seller financing.