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DIFFERENCE BETWEEN A DEED & A NOTE

It is actually very simple. The note is the loan contract and the deed is what helps secure the note to the asset. Things included in the note are: interest rate, terms of the loan, pre-payment penalty. When someone buys a home the deed is recorded with the county giving them title and ownership to the home and creates that security interest, and makes the debt or note secured by a specific asset.

Tags: Deed vs. Note, What is a Deed, What is a Note

Posted on Wednesday, January 13th, 2010 at 5:49 pm and is filed under Mortgages, Questions and Answers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.