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Mortgage glossary
Note Rate
The interest rate stated in the promissory note. It is used to calculate scheduled principal-and-interest payments. It is different from APR, which also reflects certain loan costs.
In plain language
This term may appear in conversations, forms, or documents during the mortgage process. If something important changes in your situation, ask how it may affect your case before making a decision.
This explanation is general and educational. It is not personalized advice, a loan offer, or a promise of approval.