Note & Amortization Newbie Question

[Bruce Gardner]

Newbie question!

I just spoke with a bank about some financing I'm looking for.  Understand that I am brand new at this.  The loan guy told me their terms were a "20% down, with a 5 year note and 15 year amortization".

1)  What does that even mean?  Yes, I've Googled - but I couldn't find anything cut and dry.

2)  Are those good terms?

I'm looking at financing a $350k property with 20% down, so a $280k loan.  What would the numbers be on that?  I can handle the amortization easily, but I just don't understand the "5 year note" part of this.

Thank you!