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Financing Your Home >Balloon Mortgages
In loan terminology a "balloon" is the unpaid loan balance that must be paid in full on a specified due date. Federal savings and loan associations are permitted to make balloon mortgages with as little as five percent down and monthly payments that are smaller than the amount needed to fully amortize the debt. On the due date, which may be only a few years after the loan was made, the balance must be paid off or the loan must be renegotiated. Balloon borrowers must be cautious and plan carefully to avoid overlooking balloon payment obligations. It is easy to be lulled into complacency by the easy monthly payment terms.
Today's complex economics have produced a wide variety of options for potential borrowers, who are often surprised by how much house they can afford to buy. Loan approval is ultimately in the lender's hands, but your real estate agent can help you to determine your real buying power.
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Legend has it that when Brigham Young first saw this city in 1847, he exclaimed: "This is the place!"
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Salt Lake City, Utah. |
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Marion Filley Team Advantage
Prudential CT Realty
101 Old Ridgefield Road, Suite 115
Wilton, CT. 06897
Phone: 203-762-4221
Fax: 203-286-2525
Email: marionfilley@NUMBER1EXPERT.COM
When you are making one of the most important decisions of your life, you want a professional who is committed to excellence. Marion believes there is much more to excellent service than getting you the best price for your house or finding exactly what you are looking for in a home. Marion works tirelessly to not only meet your needs, but exceed your expectations.
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