Promissory Note With Balloon Payment For Mortgage In Collin
Category:
State:
Multi-State
County:
Collin
Control #:
US-00425BG
Format:
Word;
Rich Text
Instant download
Description
A Balloon Note is a Promissory Note that has one large payment (the balloon payment) that is due upon maturity. A balloon note will often have the advantage of a very low interest rate, thus requiring little capital outlay during the life of the loan. The major problem with such a loan is that the borrower needs to be self-disciplined in preparing for the large balloon payment due when the loan matures. Of course refinancing the note upon maturity is always a possibility.
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Set loan terms with larger payments at the end. Lender shall provide Borrower with a final written statement of monies due prior to the due date of the balloon payment.USA mortgage lenders, prepare a Balloon Mortgage Promissory Note with this downloadable template. Document Type: Microsoft Word Last Updated: 20-September-2022 Get a non-bank loan that's paid back in installments with a secured promissory note. Create and download a promissory note for free! A balloon payment clause refers to a provision in a loan agreement that requires the borrower to make one large payment at the end of the loan term. A balloon payment mortgage includes a lump sum payment at the end of your mortgage term. Learn more about how balloon payments work from Freedom Mortgage.