Balloon Mortgage
Video:
The speaker discusses the basics of a balloon mortgage. A balloon mortgage requires that the borrower repays the outstanding loan balance once the loan period is satisfied; for example, if a borrower took a 15 year balloon, he would be responsible for paying the loan balance off in full after 15 years. He me
Video:
The speaker covers the basics of a balloon mortgage and discusses the payment schedule of this loan. In a balloon mortgage, borrowers pay a fixed amount for a specified number of years and then owe the entire outstanding balance once the balloon period is complete.
Balloon Mortgage – Definition
A balloon mortgage is a loan type where the borrower makes a fixed monthly payment for a fixed amount of time ranging from 5 to 15 years, and then is required to payoff outstanding principal balance on the home with a lump sum payment. A balloon mortage uses a 30 year
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