definition of balloon mortgage

A balloon mortgage is a loan in which most or all of the principal is repaid on a predetermined date. While balloon mortgages are seldom found in conventional loans, they are common in commercial and rental home loans.

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balloon mortgage. n. A short-term mortgage in which small periodic payments are made until the completion of the term, at which time the balance is due as a single lump-sum payment.

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What is a balloon mortgage? Simply put, the monthly mortgage payments start out small but, near the end of the loan, expand exponentially.

A balloon mortgage is a mortgage in which you make small payments over a period of time and repay the balance in one large final payment. They have made a down payment on a balloon mortgage that will require huge, escalating payments in the future.

A balloon mortgage for $25,000 has interest-only payments for 5 years at 12 percent, with the full principal of $25,000 due after 5 years. A balloon mortgage is a mortgage in which you make small payments over a period of time and repay the balance in one large final payment.

The final payment is sometimes called the balloon payment, she added. Lease-purchase deals differ from standard. He also.

Balloon Mortgage. A loan which is amortized for a longer period than the term of the loan. Usually this refers to a thirty year amortization and a five or seven year.

Brief Definition. A fixed-balloon mortgage allows the homeowner to pay only the monthly interest rate for a specified period, usually five, seven or 10 years, during the early stage of the amortization period. After the initial term expires, the remainder of the balance is due in one lump sum, or "balloon payment.". For example,

A balloon mortgage is not ideal for borrowers unless they are positive that they will have the money to pay the balloon payment at the time of maturity. Use balloon mortgage in a sentence " You may want to take on a balloon mortgage if you think that will be an easier way to pay it all off.

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