Products tagged with 'balloon mortgage form'

Use this Balloon Promissory Note form in situations where the borrower is required to provide additional collateral besides the property being mortgaged.

• The borrower agrees to make monthly payments against the amount secured by the Note, until the date of the final payment.
• The final payment will be a balloon payment (in other words, a payment in full of the entire balance of principal and interest outstanding at that date).
• The note has an additional provision requiring the borrower to put up personal property or real estate as additional collateral security.
• This is a generic legal form which is not specific to any country, state or province.
• This template is available in MS Word format and is fully editable to meet your needs.

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.

Overview

This downloadable template is designed specifically for mortgage lenders in the United States seeking to prepare a Balloon Mortgage Promissory Note. The template is available in Microsoft Word format for ease of customization and use.

Monthly Payment Structure

Under the terms of this Balloon Mortgage Promissory Note, the borrower commits to making monthly payments toward the secured loan amount. These payments will continue until the designated date for the final payment.

Balloon Payment

On the date of the final payment, the borrower is required to pay a balloon payment. This payment consists of the entire remaining balance of principal and interest that is outstanding as of that date.

Security Interest

The Note is secured by a mortgage on the property owned by the borrower, providing assurance for the lender regarding repayment.

Intended Use and Availability

This template is intended solely for use within the United States. It is provided in a convenient MS Word format to facilitate easy access and editing by lenders.

Overview

This section provides an overview of the Balloon Mortgage Promissory Note template designed for Canadian mortgage lenders. The template is available in MS Word format, making it convenient to download, edit, and print according to specific requirements.

Payment Terms

• Under this note, the borrower is required to make monthly payments toward the secured amount. These payments will continue until the date of the final payment.
• On the maturity date, the borrower must make a balloon payment that covers the entire remaining balance of both principal and interest outstanding. This structure ensures that the loan is fully repaid at maturity.

Security

The Balloon Mortgage Promissory Note is secured by a mortgage on the borrower’s property. This security measure provides protection for the lender and helps ensure repayment of the loan.

Prepare a Balloon Mortgage and Security Agreement for borrowers with this easy-to-use template.

• The entire unpaid balance of the mortgage loan and interest is due on the maturity date.
• The borrower (mortgagor) will pay all taxes, rates and assessments levied against the mortgaged property.
• The borrower must keep the mortgaged property insured for such risks and in such amounts as the lender may require.
• The borrower must get the lender's consent before making any alterations to the property, and must maintain the property in good condition and repair.
• If the borrower attempts to transfer all or any part of the property, the mortgage loan plus interest will immediately become due.
• The borrower waives all right of homestead exemption in the property.
• The mortgage will secure not only the borrower's existing debt to the lender, but any future advances made within 20 years of the date of the mortgage to the same extent as if they were made on the date of execution of the mortgage.
• This template is not state-specific. Some state laws require specific wording to be added to balloon mortgages. Check your state legislation online for details.
• Intended to be used only within the United States.