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A
Balloon Mortgage can be a good choice if you will only live in your home for
a
few years or if you are
expecting a financial windfall or increased earnings in the future.
Usually a
Balloon Mortgage loan will need to be refinanced or paid off in full
at a
time that is specified when
you receive your mortgage. Most Balloon Mortgages
have terms of 3, 5, 7, 10 or
15 years.
A
Balloon Mortgage has a substantially lower interest rate than a fixed rate
or
adjustable rate mortgage.
This means that the monthly payment will be less, too.
Even though a
Balloon
Mortgage is slated for an early payoff, the monthly payment is
calculated as
if it were a 30-year mortgage.
Complete our 1 minute
application or call us at 800-331-4715!
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