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BALLOON MORTGAGES

A Balloon Mortgage typically offers low rates for an initial period of time (usually 5, 7, or 10) years. Payments may be for principal and interest, or for interest only; with the unpaid balance due as a lump sum on the balloon maturity date.
 

 
 

 

 
 

One big advantage of a Balloon Mortgage is a lower monthly payment at the beginning of the loan, which allows you to borrow more money. Most people who decide on a Balloon Mortgage typically stay in that home for a short time.

Their are companies out their that offer you convertible mortgages. The two typical convertible mortgages are the 7/23 Convertible or 5/25 Convertible.

 
 
 
 
       

 

 

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