FinanceQuestion 69 of 120
In a typical mortgage loan, the document that serves as the borrower's written promise to repay the debt is the:
a.Deed of trust
b.Promissory note
c.Warranty deed
d.Title commitment
Explanation
The promissory note is the borrower's personal promise to repay the loan under stated terms. The deed of trust (or mortgage) is the separate instrument that pledges the property as security for that note.
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