Which document accompanies a mortgage and represents the borrower's promise to repay the loan?

The document that accompanies a mortgage and represents the borrower's promise to repay the loan is known as a promissory note. This legally binding agreement outlines the details of the loan, including the loan amount, interest rate, repayment schedule, and any other terms and conditions that apply. By signing the promissory note, the borrower agrees to repay the lender according to the specified terms, making it a crucial element of the mortgage process.

The promissory note serves as evidence of the debt and can be enforced by the lender in court if the borrower defaults on their payments. It is important to distinguish this document from others involved in real estate transactions. For example, while a deed of trust may also be involved, it primarily acts as a security instrument that conveys the obligation to the lender; it does not embody the borrower's promise to pay. Other documents like a closing protection letter or lease agreement serve entirely different purposes and do not pertain to the promise to repay a loan.