Where real estate is involved you can't borrow money unless you own the property first. The mortgage is a legal document that ties or "secures" a piece of real estate to an obligation to repay money.:36 Go to channel Unit 6.1--Introduction to Finance, Promissory Notes, Lien Theory, Title Theory Travis Everette•11K views Take a much deeper dive into why a borrower would choose one loan over the other why one path would make more sense in certain situations. This document is a promissory note and chattel mortgage between a borrower and Priority1 Lending Corp. An instrument evidencing a secondary mortgage loan shall: a. Promissory note is the written contract between the borrower and the lender that is the promise to repay the debt including interest payments. What is a mortgage note? A mortgage note, also known as a real estate lien note, is a promissory note associated with a specified mortgage loan.