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What is a balloon payment mortgage?

Posted by: raindrop 6 years, 4 months ago

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A balloon payment mortgage is a type of mortgage that does not fully amortize over the term of the loan.  

Therefore, at the end of the term of the loan, a balance is due to pay off the principal.  Balloon payment principals are more common in commercial real estate than in residential, and typically are interest only loans with a floating or adjustable interest rate.

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