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Select the best description of the mortgage note.
It commits you to paying your loan
It lists all costs associated with your loan
The best description of the mortgage note is B. It lists all costs associated with your loan.
What is a mortgage note?
A mortgage note is a promising note that stipulates the:
- Amount of loan involved
- Interest rate and amount to be paid periodically
- Maturity period of the mortgage.
Thus, while signing the mortgage note commits the borrower to pay off the loan with interest, the best description of the mortgage note is that it lists all costs associated with the loan.
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