Type of mortgage loan that requires the borrower to pay a large sum of money at the time of maturity. The borrower typically pays regular payments on the loan until the loan reaches maturity. A lot of borrowers accept this type of loan with the goal of selling the property before the maturity date and avoiding the balloon payment. 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.
Related information about balloon mortgage:
- Balloon payment mortgage - Wikipedia, the free encyclopedia
A balloon payment mortgage is a mortgage which does not fully amortize over the term of the note, thus leaving a balance due at maturity. The final payment is ...
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- Balloon Mortgage Definition | Investopedia
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- Balloon Mortgages - The Mortgage Professor
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- Balloon mortgage calculator - mortgage calculators
Bankrate.com provides a FREE balloon mortgage calculator and other ARM calculators tools to help consumers compare mortgages.
- Online Financial Calculators - Balloon mortgage calculator
This online balloon mortgage calculator calculates payment amount necessary for a mortgage with a balloon payment, using monthly interest compounding and ...
- balloon mortgage - Financial Dictionary - The Free Dictionary
A mortgage whereby the property owner makes only interest payments for a set period of time, usually five, seven or 10 years. At the end of the term, the owner ...
- 30/15 Balloon Mortgage Loan - Columbia Credit Union
A 30/15 Balloon Mortgage Loan is a popular option because it touts the security of a 30-year fixed mortgage, while traditionally offering lower rates and greater ...