The Note Loan Document Example- Notary Signing Agent Training Sample

What is the Note document in the Loan signing package?

A loan note is a legally binding agreement that includes all the terms of the loan, such as the payment schedule, due date, principal amount, interest rate, and any prepayment penalties. Lenders typically require borrowers to agree to loan notes for big-ticket purchases, such as for a home or car.

A promissory note, sometimes referred to as a note payable, is a legal instrument (more particularly, a financing instrument and a debt instrument), in which one party (the maker or issuer) promises in writing to pay a determinate sum of money to the other (the payee), either at a fixed or determinable future time.

With this document you will learn the basics of how to explain this document to the signers that you are assigned to through a loan signing company when you take an assignment. This is a great example of the documents you will encounter. Though, documents vary from signing company to signing company and from banks to banks this is a great general concept of the note document.

Please follow and subscribe to my platform for more educational tools to help you become a successful loan signing /notary signing agent.

Notary Public~

@tammyrstephens