Promissory Note With Balloon Payment With Interest In San Jose
Category:
State:
Multi-State
City:
San Jose
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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The note usually includes a specified amount of interest on the unpaid principal amount. What will be the maturity date and will the note have a final, larger "balloon payment" at maturity?When such unpaid amounts have been paid in full, the Interest Rate shall thereafter return to the amount set forth in the first paragraph of this Note. Such table should also clearly indicate any balloon payments as well, with any required Civil Code language if it is related to a residential loan. Here's the information you'll need to have handy to complete your unsecured promissory note, interest-only with balloon final payment. A Promissory Note with Balloon Payments is a loan contract that enables a lender set loan terms with one or more larger payments at the end. (c) Balloon Payment; Balance. All amounts not previously paid pursuant to this Note are due and payable on the Maturity Date, as it may be accelerated. 6.2.