what is balloon payment mortgage

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A balloon mortgage is a type of loan that requires a borrower to fulfill repayment in a lump sum. These types of mortgages are typically issued with a short-term duration.

Balloon payment, an unusually large payment that is due at the end of a consumer or mortgage loan period. In a loan that is structured with a balloon payment,

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A balloon mortgage is a mortgage that does not fully amortize over the term of the loan, and therefore, a large portion of the principal balance is repaid with a single payment at the end of its term (hence the term, balloon payment)). Typical terms are five or seven years.

The passage of Dodd-Frank regulations sought to stem mortgage lending abuses such as balloon payments, teaser interest rates and high fees – called “fee packing.” Today, lenders are required to make a.

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A balloon payment is a lump sum paid at the end of a loan’s term that is significantly larger than all of the payments made before it. On installment loans without a balloon option, a series of fixed payments are made to pay down the loan’s balance.

If you’re considering a balloon mortgage or other type of balloon loan, make sure you understand all the potential dangers first. How a Balloon Payment Works — The Motley fool latest stock Picks

A balloon mortgage is a loan with a short payoff date, usually 5 or 7 years, but the monthly loan payment is calculated on a longer term, usually 15 or 30 years. The loan is said to balloon after the 5 or 7 year term; the entire loan amount is required to be paid off in full.

Mortgage Tip:  What is a Balloon Payment? A balloon payment mortgage can be a very good idea — or it can be a disaster. Don't just consider the monthly payments.consider the entire picture and what.

Drawbacks of a Balloon Mortgage. There is a big risk associated with a balloon mortgage, though. Most homeowners who don’t plan to sell their homes before the balloon payment is due expect to refinance their balloon loan to a standard fixed-rate or adjustable-rate mortgage before facing that big payment.

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