A mortgage note is a legal document that states the names of the borrower and lender, the amount borrowed, the interest rate, repayment terms, and other loan provisions. While the mortgage pledges the property as collateral, the mortgage note outlines the debt and the repayment requirements.
A special type of government loan in which the terms and conditions of repayment are more generous (or softer) than they would be under normal finance circumstances. For example, the interest rate might be less and the repayment term might be for a longer period.
