What Is A Promissory Note?

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What Is A Promissory Note?

• Dunhill Homes

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Promissory Note Defined

• A promissory note is designated as the legal
  promise to repay the loan amount that one would
  borrow for a mortgage

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What Information Is Included in a Promissory Note?
The promissory note contains all the necessary
details of the loan, including

• Name, or names of the borrower(s)
• Address of the property to be purchased
• Loan amount
• Interest rate and type or rate (fixed,
  adjustable, etc.)
• Amount of any late charge
• Term of the loan (how many years)
• And more.

4
Who Holds a Promissory Note?

• The Lender holds the promissory note. The Lender
  will give the note to the borrower when the loan
  is paid-in-full
• For more information visit us online
  http//www.dunhillhomes.com/blog/what-is-a-promiss
  ory-note/

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