Promissory Note (Regular Payments, No Interest)
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.
Promissory Note for Interest Only
Secure the repayment of a loan with this Promissory Note form for interest payments only.
- The Note allows the borrower to make payments against interest only, with no payment to be made against the principal amount until a date set out in the Note.
- Interest payments are made in arrears, on regularly scheduled payment dates.
- The borrower can repay the principal amount of the loan at any time without having to pay a prepayment penalty.
- This Promissory Note for Interest Only template is generic (not country specific) and is easy to fill in with all the specifics of your transaction.
Ohio Residential Mortgage Form
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.
Promissory Note for Interest Only | USA
Overview of the Promissory Note Form (for Interest Only)
Securing Loan Repayment
This Promissory Note for Interest Only is designed to provide security for the repayment of a loan. The structure of this note enables the borrower to make payments towards the interest only, with the repayment of the principal deferred until a date specified within the document.
Interest Payment Structure
Under this arrangement, the borrower is required to make interest payments in arrears, following a schedule of regular, predetermined dates. This ensures that interest obligations are consistently met throughout the term of the loan.
Principal Repayment Terms
The principal amount of the loan does not need to be repaid until the specified maturity date outlined in the Note. However, should the borrower wish to repay any or all of the principal before that date, they may do so without incurring any penalties or fees.
Template Format and Customization
The USA Promissory Note for Interest Only is provided in Microsoft Word format. This allows the document to be edited as necessary, so that all the particulars of your transaction can be accurately reflected within the Note.
Wraparound Mortgage Security Agreement | USA
Prepare a Wraparound Mortgage Security Agreement with this comprehensive ready-to-use template for US mortgages.
- The wraparound mortgage (also called a piggyback mortgage) is a second mortgage with a face value of both the amount it secures and the balance due under the first mortgage on the subject property.
- The wraparound mortgage is subordinate to the first mortgage.
- The borrower makes payment to the new mortgagee (lender or seller) based on the face value of the wrap-around mortgage, and the new mortgagee in turn makes the monthly payments to the original mortgagee.
- The borrower must ask permission of the mortgagee prior to making significant alterations to the mortgaged property.
- Any agreement between the parties pursuant to the mortgage shall be superior to the rights of the holder of any intervening lien or encumbrance.
- Any award or compensation payable pursuant to condemnation proceedings will be payable to the mortgagee.
- Intended for use only in the United States. Individual States may have statutory forms which must be used instead.