Promissory Note With Balloon Payment For Mortgage In Harris
Category:
State:
Multi-State
County:
Harris
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. Here's the information you'll need to have handy to complete your secured promissory note, installment with balloon final payment.Lender shall provide Borrower with a final written statement of monies due prior to the due date of the balloon payment. The Texas Real Estate Lien Note is a oneway agreement in which the signer makes a promise to pay someone a specific sum of money at a specific time. Typically, an owner finance transaction is set up using three documents. 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.