Mae Note Form PDF Details

Navigating the complexities of adjustable-rate mortgages can be daunting for any borrower, but understanding the Mae Note form can provide invaluable clarity and security. At its core, this document details the terms under which borrowers agree to repay their loan, specifying the conditions related to interest rates and monthly payments that can adjust over time based on a designated financial index. The Mae Note form ensures that borrowers are well-informed about how and when their interest rate might change, the caps on potential rate increases or decreases, and the maximum rate they might have to pay. It outlines the borrower’s promise to pay the principal plus interest, the calculation method for interest rate adjustments, and provisions for late payments and default. Furthermore, it discusses borrowers' rights to prepay their loan without penalties, specifies loan charge limits in compliance with the law, and describes the lender’s rights in the event of a borrower's failure to meet the payment terms. By setting forth the obligations of all parties involved and detailing the conditions under which the property may be sold or transferred, the document plays a pivotal role in managing expectations and responsibilities throughout the life of the loan. Importantly, the Mae Note form serves as a cornerstone of financial agreements between lenders and borrowers, ensuring that the terms of an adjustable-rate mortgage are transparent, understandable, and legally binding.

Form NameMae Note Form
Form Length4 pages
Fillable fields25
Avg. time to fill out6 min
Other namesform 3501 online, sba form 3501 english, form 3501 pdf, mae form 3501

Form Preview Example


(1 Year Treasury Index - Rate Caps)
















[Property Address]




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 the Lender. The Lender is



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

I understand that the Lender may transfer this Note. The 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 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 I will pay will change in accordance with Section 4 of this Note.

The interest rate required by this Section 2 and Section 4 of this Note is the rate I will pay both before and after any default described in Section 7(B) of this Note.






(A) Time and Place of Payments




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




I will make my monthly payment on the first 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, 20 , 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 My Initial Monthly Payments


Each of my initial monthly payments will be in the amount of U.S. $

. This

amount may change.



(C) Monthly Payment Changes


Changes in my monthly payment will reflect changes in the unpaid principal of my loan and in the interest rate that I must pay. The Note Holder will determine my new interest rate and the changed amount of my monthly payment in accordance with Section 4 of this Note.


(A)Change Dates

The interest rate I will pay may change on the first day of, , and on

that day every 12th month thereafter. Each date on which my interest rate could change is called a “Change Date.”

MULTISTATE ADJUSTABLE RATE NOTE-ARM 5-1--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3501 1/01 (page 1 of 4 pages)

(B)The Index

Beginning with the first Change Date, my interest rate will be based on an Index. The “Index” is the weekly average yield on United States Treasury securities adjusted to a constant maturity of one year, as made available by the Federal Reserve Board. The most recent Index figure available as of the date 45 days before each Change Date is called the “Current Index.”

If the Index is no longer available, the Note Holder will choose a new index which is based upon comparable information. The Note Holder will give me notice of this choice.

(C)Calculation of Changes

Before each Change Date, the Note Holder will calculate my new interest rate by adding

percentage points ( %) to the Current Index. The Note Holder will then round the result of this addition to the nearest one-eighth of one percentage point (0.125%). Subject to the limits stated in Section 4(D) below, this rounded amount will be my new interest rate until the next Change Date.

The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the unpaid principal that I am expected to owe at the Change Date in full on the Maturity Date at my new interest rate in substantially equal payments. The result of this calculation will be the new amount of my monthly payment.

(D)Limits on Interest Rate Changes


The interest rate I am required to pay at the first Change Date will not be greater than


% or less



%. Thereafter, my interest rate will never be increased or decreased on any single Change Date

by more than one percentage point (1.0%) from the rate of interest I have been paying for the preceding 12 months. My

interest rate will never be greater than



(E)Effective Date of Changes

My new interest rate will become effective on each Change Date. I will pay the amount of my new monthly payment beginning on the first monthly payment date after the Change Date until the amount of my monthly payment changes again.

(F)Notice of Changes

The Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of my monthly payment before the effective date of any change. The notice will include information required by law to be given to me and also the title and telephone number of a person who will answer any question I may have regarding the notice.


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 the Note.

I may make a full Prepayment or partial Prepayments without paying a 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 the Note. If I make a partial Prepayment, there will be no changes in the due dates of my monthly payment unless the Note Holder agrees in writing to those changes. My partial Prepayment may reduce the amount of my monthly payments after the first Change Date following my partial Prepayment. However, any reduction due to my partial Prepayment may be offset by an interest rate increase.


If a law, which applies to this loan and which sets maximum loan charges, is finally interpreted so that the interest or other loan charges collected or to be collected in connection with this loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from me which exceeded permitted limits will be refunded to me. The Note Holder may choose to make this refund by reducing the Principal I owe under this Note or by making a direct payment to me. If a refund reduces Principal, the reduction will be treated as a partial Prepayment.

MULTISTATE ADJUSTABLE RATE NOTE-ARM 5-1--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3501 1/01 (page 2 of 4 pages)




(A) Late Charges for Overdue Payments



If the Note Holder has not received the full amount of any monthly payment by the end of


calendar days

after the date it is due, I will pay a late charge to the Note Holder. The amount of the charge will be



% of my

overdue payment of principal and interest. I will pay this late charge promptly but only once on each late payment.


If I do not pay the full amount of each monthly payment on the date it is due, I will be in default.

(C)Notice of Default

If I am in default, the Note Holder may send me a written notice telling me that if I do not pay the overdue amount by a certain date, the Note Holder may require me to pay immediately the full amount of Principal which has not been paid and all the interest that I owe on that amount. That date must be at least 30 days after the date on which the notice is mailed to me or delivered by other means.

(D)No Waiver By Note Holder

Even if, at a time when I am in default, the Note Holder does not require me to pay immediately in full as described above, the Note Holder will still have the right to do so if I am in default at a later time.

(E)Payment of Note Holder’s Costs and Expenses

If the Note Holder has required me to pay immediately in full as described above, the Note Holder will have the right to be paid back by me for all of its costs and expenses in enforcing this Note to the extent not prohibited by applicable law. Those expenses include, for example, reasonable attorneys’ fees.


Unless applicable law requires a different method, any notice that must be given to me under this Note will be given by delivering it or by mailing it by first class mail to me at the Property Address above or at a different address if I give the Note Holder a notice of my different address.

Any notice that must be given to the Note Holder under this Note will be given by delivering it or by mailing it by first class mail to the Note Holder at the address stated in Section 3(A) above or at a different address if I am given a notice of that different address.


If more than one person signs this Note, each person is fully and personally obligated to keep all of the promises made in this Note, including the promise to pay the full amount owed. Any person who is a guarantor, surety or endorser of this Note is also obligated to do these things. Any person who takes over these obligations, including the obligations of a guarantor, surety or endorser of this Note, is also obligated to keep all of the promises made in this Note. The Note Holder may enforce its rights under this Note against each person individually or against all of us together. This means that any one of us may be required to pay all of the amounts owed under this Note.


I and any other person who has obligations under this Note waive the rights of Presentment and Notice of Dishonor. “Presentment” means the right to require the Note Holder to demand payment of amounts due. “Notice of Dishonor” means the right to require the Note Holder to give notice to other persons that amounts due have not been paid.


This Note is a uniform instrument with limited variations in some jurisdictions. In addition to the protections given to the Note Holder under this Note, a Mortgage, Deed of Trust, or Security Deed (the “Security Instrument”), dated the same date as this Note, protects the Note Holder from possible losses which might result if I do not keep the promises which I make in this Note. That Security Instrument describes how and under what conditions I may be required to make immediate payment in full of all amounts I owe under this Note. Some of those conditions are described as follows:

MULTISTATE ADJUSTABLE RATE NOTE-ARM 5-1--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3501 1/01 (page 3 of 4 pages)

If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender’s prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law. Lender also shall not exercise this option if: (a) Borrower causes to be submitted to Lender information required by Lender to evaluate the intended transferee as if a new loan were being made to the transferee; and (b) Lender reasonably determines that Lender’s security will not be impaired by the loan assumption and that the risk of a breach of any covenant or agreement in this Security Instrument is acceptable to Lender.

To the extent permitted by Applicable Law, Lender may charge a reasonable fee as a condition to Lender’s consent to the loan assumption. Lender may also require the transferee to sign an assumption agreement that is acceptable to Lender and that obligates the transferee to keep all the promises and agreements made in the Note and in this Security Instrument. Borrower will continue to be obligated under the Note and this Security Instrument unless Lender releases Borrower in writing.

If Lender exercises the option to require immediate payment in full, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower.


(Seal) - Borrower

(Seal) - Borrower

(Seal) - Borrower

[Sign Original Only]

MULTISTATE ADJUSTABLE RATE NOTE-ARM 5-1--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3501 1/01 (page 4 of 4 pages)

How to Edit Mae Note Form Online for Free

It's an easy task to fill out the irs form 3501 gaps. Our PDF tool can make it pretty much effortless to work with almost any form. Listed below are the basic four steps you'll want to take:

Step 1: Hit the orange button "Get Form Here" on the following web page.

Step 2: The instant you enter the irs form 3501 editing page, you will notice lots of the functions you may take regarding your template in the top menu.

Prepare the irs form 3501 PDF by providing the text needed for every single part.

portion of spaces in sba 3501

Indicate the data in Change, Dates The, Index and Form, rev, Page, of

stage 2 to completing sba 3501

Put in writing any details you may need in the box C, Before, each, Change, Date Calculation, of, Changes the, Note, Holder, will, calculate, my, new interest, Limits, on, Interest, Rate, Changes Effective, Date, of, Changes and Notice, of, Changes

sba 3501 CBeforeeachChangeDate, CalculationofChanges, theNoteHolderwillcalculatemynew, interest, LimitsonInterestRateChanges, EffectiveDateofChanges, and NoticeofChanges fields to complete

The field Late, Charges, for, Overdue, Payments No, Waiver, By, Note, Holder Notice, of, Default and Default is going to be where to put both parties, ' rights and responsibilities.

step 4 to entering details in sba 3501

Step 3: Choose the "Done" button. So now, it is possible to transfer the PDF file - download it to your device or send it via electronic mail.

Step 4: Make a minimum of a few copies of your file to stay away from any kind of potential future challenges.

Watch Mae Note Form Video Instruction

Please rate Mae Note Form

1 Votes
If you believe this page is infringing on your copyright, please familiarize yourself with and follow our DMCA notice and takedown process - click here to proceed .