Balloon Amortization Sureties With Interest Rates In Alameda
Category:
State:
Multi-State
County:
Alameda
Control #:
US-00425BG
Format:
Word;
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Description
A Balloon Note is a Promissory Note that has one large payment (the balloon payment) that is due upon maturity. A balloon note will often have the advantage of a very low interest rate, thus requiring little capital outlay during the life of the loan. The major problem with such a loan is that the borrower needs to be self-disciplined in preparing for the large balloon payment due when the loan matures. Of course refinancing the note upon maturity is always a possibility.
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This tool figures a loan's monthly and balloon payments, based on the amount borrowed, the loan term and the annual interest rate. Mortgages with adjustable rates, interest-only payments, negative amortization, or balloon payments are not permitted.The program reserves the right to. A balloon loan is usually rather short, with a term of three to five years, but the payment is based on a term of up to 15 years. Down Payment Assistance Loan for. Use the balloon payment calculator to estimate the monthly payment and the final lump sum of a given balloon loan construction. This calculator computes the payment amount necessary for a mortgage with a balloon payment, using monthly interest compounding and monthly payments.