Balloon loan [skip to next word] A loan that provides you with lower-than-usual monthly payments for a set period of time followed by a payment larger than usual at the end of your loan repayment period. While a balloon loan may lower your monthly payments it can also mean you make higher interest payments over the life of the loan. Base rate
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balloon mortgage FINANCE uk us a type of mortgage (= loan to buy property) where the person or company borrowing has to pay a large amount at the end of the loan period : The city generally issued balloon mortgages that were rarely repaid at the end of their 30-year terms.
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A balloon mortgage is a mortgage in which you make small payments over a period of time and repay the balance in one large final payment.
Simply put, a balloon mortgage is so called because the monthly mortgage payments start out small and then, near the end of the loan, expand exponentially. "The idea behind a balloon mortgage is.
A balloon payment is when the entire loan balance is due and payable. It occurs when a loan is not amortized. The loan itself generally contains an early due date, involving the payoff of an existing loan balance.
Balloon Mortgages synonyms, Balloon Mortgages pronunciation, balloon mortgages translation, English dictionary definition of Balloon Mortgages. n. A short-term mortgage in which small periodic payments are made until the completion of the term, at which time the balance is due as a single lump-sum.
Definition: A balloon mortgage is a financing mechanism where the payments are not fully amortized over the term of the loan. Sometimes the borrower needs to pay only the interest on the loan. Sometimes the borrower needs to pay only the interest on the loan.
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A balloon mortgage requires monthly payments for a period of 5 or 7 years, followed by the remainder of the balance (the balloon payment). The monthly payments for the time period prior to the balloon’s due date are generally calculated according to a 30 year amortization schedule.