Question

Select the best description of the mortgage note.
It commits you to paying your loan
It lists all costs associated with your loan

Answer 1

Answer:

The correct option is;

It commits you to paying your loan

Explanation:

A mortgage note is a note promising to repay a stipulated amount of money as well as interest incurred at a stipulated rate at an agreed time in order to live up to the terms of the promise

The mortgage note outlines the debt and the interest rate and requires the borrower, that is the signatory to the note individually responsible for the repayment of the mortgage

Therefore, the correct option is that it commits you to paying your loan.

Answer 2

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.

Learn more about the mortgage note at https://brainly.com/question/1318711