Balloon Note In Mortgage In Pima
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State:
Multi-State
County:
Pima
Control #:
US-00425BG
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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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Anyone refinancing an existing loan must understand this note. 5. Financial advisors need it to guide clients through loan agreements.A balloon payment is a largerthanusual onetime payment at the end of the loan term. Fannie Mae expects any BorrowerBorrowerPerson who is the obligor per the Note. Be sure to submit the correct form to prevent any delays. If needed, add to D.O.T. as an addendum or rider. Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA). Integrated Mortgage Disclosures.