Promissory Note With Balloon Payment With Interest In Contra Costa
Category:
State:
Multi-State
County:
Contra Costa
Control #:
US-00425BG
Format:
Word;
Rich Text
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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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When such unpaid amounts have been paid in full, the Interest Rate shall thereafter return to the amount set forth in the first paragraph of this Note. A Promissory Note with Balloon Payments is a loan contract that enables a lender set loan terms with one or more larger payments at the end.The deed is recorded in Contra Costa County. All payments shall first be applied to outstanding late fees, then to interest and the balance to the Principal amount.