FAQ
Mortgage Promissory Note Explained: What You're Signing at Closing
A mortgage note (promissory note) is the borrower's promise to repay the loan. It specifies the loan amount, interest rate, term, payment schedule, and late charge provisions. It is the primary legal document of the loan.
Details
The Full Answer
- Loan amount and interest rate
- Payment schedule (monthly, due date, grace period)
- Late charge provisions
- Prepayment rights and penalties
- Acceleration clause (lender can call the note due on default)
- Adjustable rate provisions (if applicable)
CTC's Role
How CTC Processing Handles This
The mortgage note is signed at closing by all borrowers. CTC Processing reviews the final note before it's presented for signature — errors in loan amount, rate, or term are rare but critical to catch before closing.
Have more questions?
CTC Processing works with Colorado loan officers. Call 970-222-2615 or email ctcprocessingllc@gmail.com.
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