A mortgage note is a legal document that outlines the terms and conditions of a mortgage loan. It includes the borrower's promise to repay the borrowed funds. It represents the borrower's personal obligation to repay the debt. On the other hand, a deed of trust is a separate document that is used in some jurisdictions instead of a mortgage. It is a three-party agreement between the borrower, the lender, and a trustee, which gives the trustee the power to initiate foreclosure proceedings in the event of default.