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The result of this calculation will be the new amount of my principal and interest payment every month until the New Loan is fully paid. MULTISTATE BALLOON RIDER Refinance --Single Family--Freddie Mac UNIFORM INSTRUMENT Form 3191 1/01 page 1 of 2 pages EXERCISING THE CONDITIONAL REFINANCE OPTION The Note Holder will notify me at least 60 calendar days in advance of the Note Maturity Date and advise me of the principal accrued but unpaid interest and all other sums I am expected to owe on the No ...

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2001	4.9 Satisfied (452 Votes)

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Is a balloon rider required?

Underwriting Requirements: There must be a "Balloon Rider" attached to the deed of trust or mortgage that discloses the balloon payment feature and the conditional right to refinance the debt.

What is balloon rider?

The Purpose of Mortgage Riders This means lower monthly payments for the borrower, but a hefty lump sum due at the end of the initial period, hence the term "balloon." A balloon rider is the section of a promissory note that spells out the borrower's options for refinancing at the end of the term.

What happens if you can't make your balloon payment?

Often, when a borrower has paid as agreed, but is unable to make the balloon payment, the bank will convert the loan to full amortization. This means it will become a full 25-year loan as opposed to coming due in five years.

What is a rider to security instrument?

RIDER TO SECURITY INSTRUMENT LIHTC PROPERTIES. This Rider (\u201cRider\u201d) is attached to and amends the Security Instrument entered into between [Borrower] and [Lender], dated as of [Date] (\u201cSecurity Instrument\u201d).