Note With Balloon Payment In Ohio
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State:
Multi-State
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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A balloon mortgage allows you to enjoy low monthly payments for several years — with a big catch. Here's the information you'll need to have handy to complete your secured promissory note, installment with balloon final payment.A balloon note is a type of loan where the borrower is required to make regular payments, called interestonly payments, for a specified period. Here is an example of how to fill a secured promissory note. The land contract may stipulate monthly payments until the entire amount is paid, or a final balloon payment may be due at the end. Learn how to create an Ohio Secured Promissory Note Template. The template is available in two different formats: .