Multistate Fixed Rate Note (Monthly) | USA

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.