In a mortgage trust deed, where would the payment terms be outlined?

In a mortgage trust deed, the payment terms are typically outlined in the promissory note. The promissory note is a legal document that serves as a written promise to pay a specified amount of money, and it contains important details regarding the terms of the loan, including the repayment schedule, interest rate, any late fees, and the total amount of the loan.

While the trust deed or mortgage itself serves to secure the loan by providing collateral (usually the property being financed), it does not usually detail the specific terms of payment. Instead, it references the promissory note, which is the core document that defines the borrower's obligations regarding payments. Therefore, the promissory note is the critical document for understanding the payment terms associated with a mortgage trust deed.