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Mortgage-Backed Note

Mortgage-Backed Note Definition

Mortgage-Backed Note is a promissory note associated with a particular mortgage loan. It represents the legal promise to repay a certain principal amount plus interest at a specified rate and length of time. Cash flows of the note are backed by the principal and interest payments of a set of mortgage loans. The terms of these notes determine the type of mortgage that they back. If a note features a fixed schedule of payments, then the mortgage is a fixed-rate mortgage. If the note has a flexible interest rate, then the mortgage is an adjustable-rate mortgage as well

RELATED TERMS
Mortgage loan




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