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Balloon Mortgage

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A balloon mortgage looks very much like a 30 year fixed rate mortgage. The monthly payments on both a balloon mortgage and a 30 year fixed rate mortgage are calculated identically to show the amount required to pay off the loan over a 30-year period. However, the fixed-rate term for a balloon loan is typically only 5 to 7 years. After the 5 to 7 years, one large payment for the remaining balance must be made. The final payment is called a balloon payment based on its large size.

To get more information about balloon loans and other mortgage options, call a Total Mortgage expert now at 877-868-2503.

Call a Total Mortgage expert now at 877-868-2503 to find out how we can customize a mortgage loan with some of the lowest current mortgage rates for you.

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