Which mortgage document obligates the borrower to repay the loan?

The promissory note is the document that explicitly obligates the borrower to repay the loan. This legal instrument outlines the terms of the loan, including the amount borrowed, the interest rate, the repayment schedule, and the consequences of defaulting on the loan. It serves as a written promise from the borrower to the lender, thereby providing a clear record of the borrower’s commitment to repay the borrowed funds.

In contrast, the mortgage itself functions as a security instrument that connects the property to the loan, allowing the lender to claim the property if the borrower fails to fulfill the obligations described in the promissory note. The deed represents the ownership of the property and transfers the title from one party to another, while a trust deed serves a similar purpose to the mortgage in the context of securing the loan, but it typically involves a third party, known as a trustee. None of these documents directly convey the borrower's obligation to repay the loan; that specific obligation is contained within the promissory note.