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Kara Johnson

191 Articles

Kara is a novelist, poet and large-scale sculptor in addition to being a contributing writer for MortgageLoan.com. She lives with her family in Rye, New York and is a graduate of Hampshire College.

Balloon Mortgage Payments and Rates Comparison Information
Mortgage

Balloon Mortgage Payments and Rates Comparison Information

Balloon mortgages are so named because the entire balance becomes due in full at a predetermined date. At that time, the payment on the note suddenly expands or balloons. This can be a disadvantage if you don't have the funds available, or can't refinance the mortgage. On the plus side, however, balloon loans offer lower monthly payments, which is their main appeal.

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 12 years ago | 3 minutes read time