A California Balloon Payment Promissory Note Secured by Deed of Trust is a legal document that serves as a legally binding agreement between a borrower and a lender. This type of loan is used when a borrower needs to borrow a large sum of money for a specific purpose and has agreed to pay back the loan in installments over a set period of time. At the end of the loan period, the full amount of the loan is due in one final, larger payment—known as the balloon payment. The balloon payment is secured by a Deed of Trust, which is a legal document that serves as collateral for the loan. If the borrower defaults on the loan, the lender can foreclose on the Deed of Trust. Types of California Balloon Payment Promissory Note Secured by Deed of Trust include adjustable rate and fixed rate promissory notes. An adjustable rate promissory note is based on an index, such as the London Interbank Offered Rate (LIBOR), and the interest rate may change throughout the life of the loan. A fixed rate promissory note has a single interest rate for the entire term of the loan, and the interest rate will remain the same until the loan is paid off.
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