<--Back to Wiki Home
A "note" is a promise to pay back a loan under certain conditions. It's like a written agreement that says how much money you borrowed, how much you have to pay back, and when you have to pay it back. The terms of the note might also include things like the interest rate or any fees associated with the loan.
If you're buying a house but don't have enough cash, you might need to get a mortgage from a bank. To do that, you'll sign a note that says how much you're borrowing, how much interest you'll pay, and when you have to make your payments. This note is a promise to repay the loan and it's an important part of the real estate transaction.
"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"
A "note" is a promise for a loan,
When you buy a house, it might be shown.
You'll borrow from a bank, to call your own,
And sign a note with terms that are known.
It says how much you'll have to pay,
And when you need to make it each day.
The interest rate, it's there to stay,
A promise to repay, come what may!