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Balloon mortgages are home loans that typically last for shorter periods of time. Most balloon mortgages are between 3 to 10 years, and allow the borrower to pay lower monthly payments and interest rates. Often, when the loan period has ended, the home owner is required to pay the remaining balance in full. The final payment is called a balloon payment because of its large size. Because borrowers may not have the resources to make the balloon payment at the end of the loan term, lenders may convert the home loan to a fixed or adjustable rate mortgage.
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