Balloon Mortgage
A balloon mortgage, which is amortized for a longer period than the term of the loan. Usually this applies to a thirty-year amortization and a five-year term. At the end of the loan's term, the remaining outstanding principal on the loan is due. This remaining payment is known as balloon payment.
What People are Saying
I was a new mother who had just recently returned to work from maternity leave when we decided to refinance our home. I was still struggling with trying to balance work and home, so the idea of one more thing on my "to do" list had me uptight. Thank heavens for Eagle River Mortgage! Nearly all of the preliminary paper work was done over the phone or fax lines. The entire deal was completed in two weeks from start to funding, and we’ve been able to lower our monthly payments by $500. Thanks a million to Blane & the gang at Eagle River Mortgage!
Meridian Idaho