What is a legal document obligating a borrower to repay a mortgage loan called?

The correct answer is that the legal document obligating a borrower to repay a mortgage loan is called a "Note." In the context of real estate and mortgage lending, a Note is a financial instrument that represents a promise to repay a specified amount of money, typically with interest, under certain terms. This document outlines the borrower's commitment to repay the loan, the repayment schedule, and the interest rate, making it a crucial element in the mortgage process.

The Note serves as evidence of indebtedness and is enforceable by the lender if the borrower defaults on their payments. It is distinguished from other documents involved in the mortgage process, such as the mortgage or deed of trust, which secures the loan by creating a lien on the property.

Understanding the role of the Note is vital for anyone involved in real estate transactions, as it is central to the financial agreement between the lender and the borrower. The other options represent different components of the mortgage process, but none fulfill the specific purpose of documenting the borrower's promise to repay the loan as the Note does.