Note With Balloon Payment In Cook
Category:
State:
Multi-State
County:
Cook
Control #:
US-00425BG
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Word;
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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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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. A single final balloon payment for the entire outstanding Principal amount and interest accrued will be paid on or before the day of.So the balloon payment refers to a large sum (or "lump sum") of money you owe at the end of the loan. A balloon payment means that the term of loan has ended and the unpaid balance is then due in full. Cook County property tax bills are available at cookcountytreasurer. Promissory Note can be used for installment or balloon payments. A balloon payment is a large one-time amount due at the end of a loan. Mortgages, auto loans, and business loans have been structured for balloon payments.