Promissory Note With Balloon Payment For Mortgage In Washington
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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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Set loan terms with larger payments at the end. CURRENCY: All principal and interest payments shall be made in lawful money of the United States. 7.Washington promissory notes should highlight the relevant payment information. Get a non-bank loan that's paid back in installments with a secured promissory note. Create and download a promissory note for free! Use our free, attorneycrafted Washington Promissory Note template. Find out what's included in the agreement and how to write it.