Definition
Note
The promissory note: your written promise to repay a specific sum on specific terms. The debt itself, as distinct from the mortgage securing it.
Nearby terms
Non-QM Loan
A loan that does not meet the Qualified Mortgage standard, typically because income is documented differently.
Non-Warrantable Condo
A condominium that fails agency project standards — often due to investor concentration, litigation or inadequate reserves — requiring specialty financing.
Origination Fee
A charge by the lender for processing the loan, expressed as a percentage of the loan amount or a flat sum.
Owner’s Title Policy
Title insurance protecting the buyer's ownership interest, optional in most states and lasting as long as you hold an interest in the property.
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