Promissory Note Closing In Harris
Category:
State:
Multi-State
County:
Harris
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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Contact your loan servicer for more information before you complete the application. A promissory note is less common in construction, but when used effectively it can be a helpful addition to a collection toolbox.Most people complete each MPN in less than 30 minutes. The entire MPN process must be completed in a single session. A promissory note is a written promise, basically an IOU, to pay money to someone. The note document serves as written evidence of the debt.