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Refinancing a Balloon Mortgage Having to pay a large amount at the end of the loan period is typically very difficult for most people to manage. To avoid this problem, purchasers often plan to refinance or take out another loan with different repayment terms right before the balloon payment.
Banks are now offering interest-only mortgages, balloon loans, and stated-income loans, and that’s just what I found in my brief shopping experience. And while I wound up going with a traditional.
NEW YORK (MainStreet) It’s a common rationalization: "I’ll get the best mortgage I. have to be to make refinancing pay. You may find some of those factors, like a significant drop in loan rates,
And unless you’re simply rolling in dough, you may be forced to refinance. A balloon mortgage is a home loan with a short term, often 5 – 7 years, after which the rest of the loan is due in one large payment, called a balloon payment.
Balloon mortgages are short-term mortgage loans that usually are due and payable within five to 10 years. The payments are calculated as if the balloon mortgage had a longer term of 15 to 30 years.
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A balloon mortgage is pretty much like a typical mortgage except for the end of the story. Suppose you can get a $200,000 mortgage at 4.25 percent over 30 years. The monthly payment for principal.