Wraparound Mortgage Security Agreement | USA

This template Promissory Note is part of a wraparound mortgage loan on a U.S. real estate property.

• The wraparound note is secured by either a mortgage or deed of trust (this will depend on which state the property is located in). The template contains language for both.
• A wraparound mortgage is a form of seller financing. The seller (holder of the note) continues to make the payments on the original underlying mortgage, and the buyer (borrower) will make payments under the Wraparound Note to the seller.
• This template contains additional provisions as to how any prepayments will be applied, in the event that the buyer is allowed to prepay the balance of the Note.
• The form can be in any State where wraparound mortgages are allowed by law.

To download the USA Wraparound Promissory Note, add it to your cart and pay for it over our secure checkout system.

Designate a mortgage as a wraparound mortgage by attaching this USA Wraparound Mortgage Rider to the mortgage form.

• The Rider clarifies that the new mortgage is subordinate to the original first mortgage on the property.
• A wraparound mortgage is often used as a form of seller financing. It enables buyers who may not qualify for a conventional mortgage to purchase a home at a higher interest rate but with a smaller downpayment.
• The mortgagor (buyer) will make payments under the new mortgage to the mortgagee (seller), who will continue to pay the original mortgage.
• The seller has the same rights under a wraparound mortgage that a mortgage lender has under a conventional mortgage, including the right to foreclose.
• This Rider can be used in any State in which wraparound mortgages are allowed by law.
• This is a template legal form which can be customized to fit your circumstances.

This promissory note template is made by a borrower to secure an interest-free loan to be repaid by regular payments.

• The Promissory Note allows the borrower to repay the loan in monthly, weekly, or bi-weekly payments.
• No interest will be charged on the outstanding loan balance. The borrower will only be repaying the principal amount.
• This is a generic legal form which can be used anywhere.
• You can download the form immediately after purchasing it.

Write up a Residential Mortgage to secure repayment of a home purchase loan with this fully editable template for Ohio mortgage lenders.

• Mortgage payments will be made in regular periodic instalments of blended principal and interest.
• Unpaid interest becomes part of the principal and bears interest at the mortgage rate.
• The mortgagor must pay all taxes and levies assessed against the property.
• The mortgagor must keep the property insured in an amount and to an extent approved by the mortgagee.
• Contains an acceleration upon default provision, which states that if the mortgagor defaults in any of its obligations, the entire amount of the indebtedness will become immediately due and payable, and the lender may foreclose and sell the property.
• Available as a downloadable MS Word template.
• Intended to be used only in the State of Ohio.

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.
• Available in MS Word format.