A balloon mortgage has an interest rate that is fixed for an initial amount of time. At the end of the term, the remaining principal balance is due. At this time, the borrower has a choice to either refinance or pay off the remaining balance.
There are no penalties for paying off a balloon mortgage loan before it is due. Borrowers may refinance at any time during the life of the loan.
Balloon loans typically have either 5 or 7-year terms. For example, a 7-year balloon mortgage with an interest rate of 7.5% would feature this interest rate for the entire term. After 7 years, the remaining loan balance would become due.
A family owned company; we've been helping clients purchase and refinance for several years now. Please click on About in the headers to learn more.
Company NMLS: 1678775
5314 Sweetwater Trails
San Diego, CA 92130
Toll Free: 833-968-0056
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