FinanceQuestion 84 of 120
Which document contains the borrower's actual promise to repay the loan and the repayment terms?
a.The deed of reconveyance
b.The promissory note
c.The title commitment
d.The estoppel certificate
Explanation
The promissory note is the borrower's written promise to repay the loan and sets out the amount, interest rate, and payment terms. The mortgage or deed of trust secures that note with the property. The note is the primary evidence of the debt.
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