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You can use a template or create a promissory note online. But before you begin, you'll need to gather some information and make decisions about the way the loan will be structured. First, you'll need the names and addresses of both the lender (or "payee") and the borrower.
Typically to be a promissory note, the note must acknowledge the debt, state the amount of the debt, the interest rate, the date of the debt and must be signed by a person against whom the note is sought to be enforced.
How to get your federal student loan documents. The Department of Education has copies of all of your master promissory notes you signed so you could get your federal student loans. You can get a copy of your Master Promissory Notes by going to studentloans.gov and entering your FSA ID.
Your lender will keep the original promissory note until your loan is paid off. When you close, you'll also receive a copy of your mortgage and promissory note and the remainder of your closing documents.
A promissory note must include the date of the loan, the dollar amount, the names of both parties, the rate of interest, any collateral involved, and the timeline for repayment. When this document is signed by the borrower, it becomes a legally binding contract.
You can get a copy of your Master Promissory Notes by going to studentloans.gov and entering your FSA ID. Click on ?Completed Master Promissory Notes? under the menu bar heading that says ?My Loan Documents.? The completed Master Promissory Notes will appear, and you can download them directly.
Even if the original note is lost, the other original documents or the copies can be used to establish the existence of the loan. You may want to hire an online service provider to assist you in preparing the replacement promissory note, as well as the Affidavit of Lost Promissory Note and Indemnity Agreement.
The lender keeps the original promissory note until you have fulfilled all obligations, i.e., paid off, your mortgage. A promissory note will generally contain the following information: The total amount of money borrowed; Your interest rate (either fixed or adjustable);