§ 7501 Loan Note Requirements

• •Every real estate loan must have a written note or paper that shows how much money was borrowed.
• •The note must say how much the loan is for and how it will be paid back, including any extra fees if payments are late.
• •The note can also include any other rules or details about the loan.

You take out a loan to buy a house.

The bank must give you a paper that says how much you borrowed, how you’ll pay it back, and what happens if you pay late. This paper is like a rulebook for your loan.