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Balloon Mortgage is a mortgage with monthly payments based on a 30-year amortization schedule, with the unpaid balance due in a lump sum payment at the end of a specific period of time (usually 5 or 7 years). The mortgage contains an option to “reset” the interest rate to the current market rate and to extend the due date if certain conditions are met.
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. Balloon Mortgage is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
- Mortgage Guide – What to watch out for when Resetting your Mortgage You may also qualify to refinance your balloon/reset mortgage. There are additional considerations to be aware of with balloon/reset mortgages: * If you plan to sell your home before the......
- Mortgage Guide – Tips to Reset your Mortgage Balloon/reset mortgages have monthly mortgage payments based on a 30-year amortization schedule, but the entire mortgage balance is due at the end of the 5- or 7-year term, unless you......
- Mortgage Guide – What are the Other Fixed-Rate Mortgage types Biweekly mortgages are mortgages that set up the payment differently. Instead of paying your mortgage once a month, you pay half the monthly mortgage payment every two weeks – which......
