Installment Promissory Note With Balloon Payment In Palm Beach
Category:
State:
Multi-State
County:
Palm Beach
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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Payment Options for your Promissory Note: Structuring payment can have several options: • Lump Sum. All prepayments shall first be applied to outstanding late fees, then to accrued interest and thereafter to the principal loan amount.Balloon Promissory Note: The borrower makes smaller payments initially, with a large "balloon" payment at the end of the loan term. It could include: Lump sum repayment; Installment payments; Balloon payments; Interest-only payments. Fill in the blank Mortgage with Assignment of Rents and Promissory Note form formatted to comply with all Florida recording and content requirements. The Florida Promissory Note Installment PDF is a very simple form to fill out. Here's the information you'll need to have handy to complete your secured promissory note, installment with balloon final payment. Payments: Payments on the loan must be made in equal amounts during the term of the loan with no deferral of payments and no balloon payments.