Fillable Loan Agreement Template printable pdf download

BALLOON NOTE

(Fixed Rate)

THIS LOAN IS PAYABLE IN FULL AT MATURITY.

YOU MUST REPAY THE

ENTIRE PRINCIPAL BALANCE OF THE LOAN AND UNPAID INTEREST THEN DUE.

LENDER IS UNDER NO OBLIGATION TO REFINANCE THE LOAN AT THAT TIME.

YOU WILL, THEREFORE, BE REQUIRED TO MAKE PAYMENT OUT OF OTHER

ASSETS THAT YOU MAY OWN, OR YOU WILL HAVE TO FIND A LENDER, WHICH

MAY BE THE LENDER YOU HAVE THIS LOAN WITH, WILLING TO LEND YOU

THE MONEY. IF YOU REFINANCE THIS LOAN AT MATURITY, YOU MAY HAVE

TO PAY SOME OR ALL OF THE CLOSING COSTS NORMALLY ASSOCIATED WITH

A NEW LOAN EVEN IF YOU OBTAIN REFINANCING FROM THE SAME LENDER.

________________________, ______

________________________

____________________________

[City]

[State]

_____________________________________________________________________________________________

[Property Address]

BORROWER’S PROMISE TO PAY

In return for a loan that I have received, I promise to pay U.S. $_________________ (this amount is called

“Principal”), plus interest, to the order of Lender. Lender is ___________________________________. I will

make all payments under this Note in the form of cash, check or money order.

I understand that Lender may transfer this Note. Lender or anyone who takes this Note by transfer and who

is entitled to receive payments under this Note is called the “Note Holder.”

INTEREST

Interest will be charged on unpaid principal until the full amount of Principal has been paid. I will pay

interest at a yearly rate of ___________%.

The interest rate required by this Section 2 is the rate I will pay both before and after any default described

in Section 6(B) of this Note.

PAYMENTS

(A)

Time and Place of Payments

I will pay principal and interest by making a payment every month.

I will make my monthly payments on the ________ day of each month beginning on _________________,

____. I will make these payments every month until I have paid all of the principal and interest and any other

charges described below that I may owe under this Note. Each monthly payment will be applied as of its scheduled

due date and will be applied to interest before Principal. If, on ____________________, ____, I still owe amounts

under this Note, I will pay those amounts in full on that date, which is called the “Maturity Date.”

I will make my monthly payments at ______________________________________________________ or

at a different place if required by the Note Holder.

(B)

Amount of Monthly Payments

My monthly payment will be in the amount of U.S. $_________________.

BORROWER’S RIGHT TO PREPAY

I have the right to make payments of Principal at any time before they are due. A payment of Principal

only is known as a “Prepayment.” When I make a Prepayment, I will tell the Note Holder in writing that I am doing

so. I may not designate a payment as a Prepayment if I have not made all the monthly payments due under this

Note.

I may make a full Prepayment or partial Prepayments without paying any Prepayment charge. The Note

Holder will use my Prepayments to reduce the amount of Principal that I owe under this Note. However, the Note

Holder may apply my Prepayment to the accrued and unpaid interest on the Prepayment amount before applying my

Prepayment to reduce the Principal amount of this Note. If I make a partial Prepayment, there will be no changes in

the due date or in the amount of my monthly payment unless the Note Holder agrees in writing to those changes.

MULTISTATE BALLOON FIXED RATE NOTE—Single Family—FANNIE MAE UNIFORM INSTRUMENT

Form 3260 1/01 (page 1 of 3)

Loan Agreement Template

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