Balloon Mortgage Promissory Note
Because a balloon mortgage does not amortize over its term, the borrower has to pay a balance at the end of the loan term. Use this Promissory Note template to set out the conditions covering repayment of the mortgage loan.
- The borrower agrees to make monthly payments against the balance, until the date of the final payment.
- The final payment will be a balloon payment which will pay the full amount of principal and interest outstanding at that date.
- The Note is secured by a mortgage on the borrower's property.
- This is a generic legal template which is not specific to any country, state or province.
- Purchase and download the Balloon Mortgage Promissory Note form, use it as often as you need to.
Last Updated: 18-April-2021