Promissory Note With Balloon Payment For Mortgage In Queens
Category:
State:
Multi-State
County:
Queens
Control #:
US-00425BG
Format:
Word;
Rich Text
Instant download
Description
The Promissory Note with Balloon Payment for Mortgage in Queens serves as a formal agreement between a borrower and a lender, allowing the borrower to secure a loan that is repaid through monthly installments, culminating in a significant final balloon payment. The form specifies the loan amount, interest rate, payment schedule, and the details of the balloon payment due at the end of the term. Notably, it allows for additional principal payments with outlined penalties for early payment within the first year. Users must complete the form with precise details about the borrower and lender, including names and addresses, and create a secure repayment plan that complies with local and federal law. This document is particularly useful for attorneys, partners, and paralegals as it facilitates the drafting of mortgage agreements while ensuring clarity and compliance with usury laws. Legal assistants may aid in filling out the form accurately by confirming all necessary information is provided, making it a valuable resource for real estate transactions and mortgage negotiations.
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