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Illinois Illinois Installments Fixed Rate Promissory Note Secured by Residential Real Estate Form

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Illinois Illinois Installments Fixed Rate Promissory Note Secured by Residential Real Estate Form

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hey there this is Seth and in this video I'm going to give you a really quick overview of what a promisory note is and how you can put one together really quickly if that's something you need to do a promisory note is a type of lending instrument that has been used for centuries and essentially what this is is just a simple document that lays out the terms and conditions between a borrower and A lender and it basically just explains that there is a set amount of money that the borrower owes to the lender and it usually details any interest payments that are included with that and proser notes can be set up in all kinds of different ways you can set them up with balloon payments so basically there's interest only payments for a certain amount of time and then boom the entire balance is paid off or you can set it up with what's called straight line amortization which is basically just a fixed payment for the life of the loan and then there isn't a

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