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Glossary Term: BALLOON MORTGAGE

Definition(s) for BALLOON MORTGAGE:


1. ) a mortgage that typically offers low rates for an initial period of time (usually 5, 7, or 10) years; after that time period elapses, the balance is due or is refinanced by the borrower

2. ) A mortgage in which the debt service (interest and principal) that is paid regularly will not result in the complete payment of the loan at the end of the mortgage term The payment that represents the amount of principal still due at the end of the term is called the balloon payment To balloon a mortgage is to schedule the amortization payments over a longer period than the term of the mortgage See also Amortization, Balloon Payment, Principal



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