Note With Balloon Payment In Phoenix
Category:
State:
Multi-State
City:
Phoenix
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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A balloon mortgage is a home loan with an initial period of low or no monthly payments and a large payment at the end. A balloon mortgage comes with an unusual twist.Set loan terms with larger payments at the end. Request a new payment contract, including the monthly payment amount that you can afford.​. This means once the loan term is up, the borrower must either pay a rather large "balloon payment" or refinance the loan. Get a non-bank loan that's paid back in installments with a secured promissory note. Create and download a promissory note for free!