0
Often a borrower needs a bridge loan (mortgage) to facilitate the financing of real property for a short period of time. A bridge loan is a specially designed form of financing that is used when a borrower is expecting to sell a property quickly or refinance it within the near future.
A promissory note is a document a borrower signs when they borrow money from a person or bank. It is your promise to pay the money back on a certain payment schedule in a certain amount of time. It is the lender's proof they loaned you money. If you don't pay the promissory note can be used as evidence in court and the lender will obtain a judgment lien against you.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
In a non-interest bearing note the maturity value is the same as the?
issue value, however, normally sold at a discount. Payment of the note and interest is made at the end of the loan.
What is different about fixed rate mortgages?
The most important difference is the interest rate on the note remains the same through the term of the loan, instead of a common loan where the interest rate may adjust.
Does taking out a student loan one year and then another a couple of years later without signing a second promisary note result in a new loan or an addition to the old loan on the credit report?
It will appear as an additional loan on yoru credit report, even if issued under the same MPN as a previous loan.
Can you get title insurance on a modified note?
Yes, title companies will insure a Mortgage Modification. Basically, new loan docs will be drawn by the lender, reflecting the new loan amount and terms. The transaction is executed the same as a refinance.
Is loan an assets or liability?
It is actually both. Cash received from a bank loan is debited to the asset Cash, at the same time repayment of that loan is listed in Liabilities as usually a Note Payable.This means that your Assets increase by the amount of the loan as well as your liabilities, while Owners Equity (stock holder equity) remains unchanged.
If you were a cosigner on a loan and the other person and you have since then divorced and you cant get another loan until you get off the first one How would you get off the loan?
the person in possesion of the vehicle will need to re-finance in their own name. Try refinancing at the same company holding the finance note, you or the other person may have established enough credit with the co signed note to carry it independently.
Is bank loan asset or liability?
It is actually both. Cash received from a bank loan is debited to the asset Cash, at the same time repayment of that loan is listed in Liabilities as usually a Note Payable.This means that your Assets increase by the amount of the loan as well as your liabilities, while Owners Equity (stock holder equity) remains unchanged.
When you're executing a promissory note for a direct loan and if you are told references can't share the same address do they mean the same as you or the same as each other?
They mean both. Neither references can share your address or addresses of each other.
I have an auto loan in my name can i get another auto loan in my name?
If you are already running a loan, then you can take a loan from another bank not from the same bank. If still you want a loan from same bank, then you can get on your parents name.
What is your responsibility to the loan holder when you have an auto accident?
The same as they were before the accident. You owe the balance of the note loaned you. If you had full coverage auto insurance then you will likely have no need for concern.
What is the homonym of loan?
The homonym of loan is lone. It sounds the same.
Can a realtor negotiate terms of a mortgage note?
It depends on your state. In California Realtors and Loan Officers use the same license to sell R/E and do loans. So I can sell a home and do the loan for the same property. However it's not ethical for a Realtor in California to negotiate terms of a mortgage note if they don't have the proper training or experience. Realtors should leave financing questions and negotiating up to the Loan Officer. Loan Officers don't typically give negotiating advice to their clients when it comes to buying or selling a home we leave that to Realtors. However again, some Realtors used to be Loan Officers, and some Loan Officers used to be Realtors so it can be acceptable in some cases in California.
