Minnesota Residential Mortgage

Sell a real estate property to a buyer over time under the terms of this Minnesota Contract for Deed.

• Under the terms of this Contract (also known as a land contract), the seller in essence becomes the mortgage lender by allowing the purchaser to pay off the purchase price over time.
• Once the purchaser has paid all of the remaining balance, plus interest, the seller will transfer ownership of the property to the purchaser.
• If the purchaser fails to make the payments, the seller has the right to take back the property and keep all of the money that the purchaser has paid, as liquidated damages.
• By using a Contract for Deed, a Minnesota property owner can secure the outstanding balance owing under the contract.
• Available in MS Word format.
• Intended to be used only in the State of Minnesota.

This free Fannie Mae/Freddie Mac 1-4 Family Rider is used if you are mortgaging a rental property with 1 to 4 units.

• The Rider should be attached to the mortgage, deed of trust or security deed, to amend and supplement the security instrument.
• The borrower agrees that the mortgage lender can collect the rents on the property if the borrower defaults under the Note. This is called an assignment of rents.
• Form 3170 USA Multistate 1-4 Family Mortgage Rider is a free form which can be downloaded directly from the FannieMae.com website.

This free Adjustable Rate Rider (1 Year Treasury Index - Rate Caps) is used to adjust the interest rate and monthly payments under the mortgage note.

• Once it's been signed, the Rider will form part of the mortgage, deed of trust or security deed.
• The borrower agrees that the interest rate may change once in each 12-month period.
• The new rate will be based on a weekly average yield on US Treasury securities adjusted over a 1-year maturity.
• The interest rate will not increase or decrease more than the percentage amount stated in the Rider.
• This Rider is for mortgages on single-family homes.
• Fannie Mae/Freddie Mac Form 3108 USA Multistate Adjustable Rate Mortgage Rider is a free MS Word document from freddiemac.com.

Attach the Multistate Biweekly Payment Rider (Fixed Rate) to the mortgage document when a borrower wants to make the mortgage payments every two weeks instead of monthly.

• The Rider will become part of the mortgage or deed of trust and supplements the provisions of the loan document.
• The form sets out the amount of the biweekly payment, and the late charge that will be paid if a payment is not made in full when it is due.
• This Rider is for fixed rate mortgages on single-family homes in the United States.
• Download a free copy of the Fannie Mae/Freddie Mac Form 3177 Multistate Biweekly Payment Rider (Fixed Rate).

Overview

This Promissory Note is designed for use as part of a mortgage loan transaction. It is suitable for use in most U.S. states.

Borrower's Promise to Pay

By signing this Note, the borrower agrees to pay the principal amount of the loan, as well as interest and any applicable late charges or loan fees as permitted by the lender.

Payment Schedule and Application

Loan payments are required every two weeks (biweekly). Each payment will be applied in the following order: first, to any late charges if they exist; second, to accrued interest; and finally, any remaining amount will be applied toward reducing the principal balance.

Late Payment and Lender's Rights

If the borrower fails to make payments on time, the lender reserves the right to terminate the biweekly payment schedule. In such cases, the lender may require that all future payments be made on a monthly basis instead.

Security for the Loan

This Promissory Note may serve as security for a loan in connection with a mortgage, deed of trust, or security deed.

Format

The template is available in Microsoft Word format for easy use and customization.

This Monthly Multistate Fixed Rate Note can be used to secure repayment of a mortgage almost anywhere in the United States.

• This is a promissory note. The borrower promises to repay the principal amount of the loan, plus interest at the specified rate.
• Payments will be made monthly and will be applied first to late charges (if any), then to accrued interest, and then to principal.
• The loan will accelerate if the borrower defaults, and the entire amount owing on the loan will become immediately payable, at the option of the lender.
• The Note can be used in conjunction with a mortgage, a deed of trust or a security deed.
• Available in MS Word format.
• Intended to be used onlyl within the United States.