Mortgage lenders, prepare a Balloon Mortgage Promissory Note with this downloadable generic form.
- The borrower agrees to make monthly payments against the secured amount, until the date of the final payment.
- The final payment will be a balloon payment (payment in full of the entire balance 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.
The Balloon Mortgage Promissory Note template is in MS Word format, and is easy to download, edit and print.
BALLOON MORTGAGE PROMISSORY NOTE TO: [FULL NAME OF HOLDER] (the “Holder”) [STREET ADDRESS OF HOLDER] PRINCIPAL AMOUNT: [$###,###.##] [DOLLAR VALUE OF PROMISSORY NOTE IN WORDS] DATE: [DATE] FOR VALUE RECEIVED, the undersigned, (jointly and severally, if more than one) promises to pay to [FULL NAME OF HOLDER] or order, in the manner hereinafter specified, the principal sum of [DOLLAR VALUE IN WORDS] Dollars [($###,###.##)] with interest from date stated above at the rate of [PERCENTAGE IN WORDS] percent [(##%)] per annum on the balance from time to time remaining unpaid. The said principal and interest shall be payable in lawful money of [COUNTRY] and shall be paid to the Holder, at the address stated above, or at such place as may hereafter be designated by written notice from the Holder to the maker hereof, on the date and in the manner following: Principal and interest payments of [$#,###.##] each, due on or before the [##] day of each month, beginning [DATE] and continuing each month thereafter for a period of [##] [MONTHS/YEARS]. Then on [DATE], simultaneously with the payment of the [##] monthly payment, the full amount of unpaid principal, plus accumulated interest and any advances made, shall balloon and become immediately and fully due and payable, without demand. This note with interest is secured by a mortgage on real estate, of even date herewith, made by the maker hereof in favor of the said holder, and shall be const
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