Balloon Amortization Sureties With Interest In Maryland
Category:
State:
Multi-State
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.
Free preview
Form popularity
More info
Note: The purchased version of this document includes a Loan Amortization Schedule Calculator (in Microsoft Excel format). For purposes of this section, the additional charges listed in subsections.The Maryland Secondary Mortgage Loan Law permits lenders to schedule balloon payments only if the balloon payment is expressly disclosed to the borrower. Basic Financial Statements. Government-wide Financial Statements. A lender may charge interest at any effective rate of simple interest not to exceed 16 percent per annum on the principal balance of a loan.