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Balloon Mortgage Balloon Mortgages are short term fixed rate loans which usually provide a lower interest rate than traditional fixed mortgages. Unlike traditional 30 year loans, balloon mortgages require that the borrower pay off the remaining balance of the loan after the typical 5 or 7 year term is up. This means the borrower must usually refinance, sell the home or convert the loan to a traditional mortgage at current market interest rates. Some degree of risk is inherent with a balloon mortgage, however they can often be easier to qualify for than a 30 year fixed mortgage. As always we highly recommend that you speak with a knowledgable and trustworthy loan office or mortgage broker to determine if a balloon mortgage is right for you. B & A Funding offers Balloon Mortgages We also recommend Ken Gomes of Provident Bank Return to Home Loans and Mortgages >>
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