Which document serves as evidence of a borrower’s obligation to repay their mortgage loan?

The promissory note serves as the primary document that evidences a borrower’s obligation to repay their mortgage loan. In this legally binding document, the borrower agrees to repay the lender a specified amount of money, detailing the loan amount, interest rate, payment schedule, and terms of the loan. It functions as a promise to pay and indicates the borrower's commitment to fulfill their financial obligation.

While the deed of trust is important as it secures the loan by transferring the title of the property to a trustee until the loan is paid off, it does not itself represent the obligation to repay the loan. Similarly, the loan agreement outlines the terms and conditions of the mortgage, but the promissory note specifically serves as the evidence of the borrower's promise to pay back the money borrowed. The property title, on the other hand, represents legal ownership of the property and is separate from the obligation aspect in the loan process.