refinance balloon mortgage
ContentsCalculator extra payment cashOffers loan performance graphs30 year amortizationBalloon lump sum. balloon ridersA borrower may opt to refinance the balloon mortgage loan to a conventional loan to avoid having to pay the large lump sum due at the end of the term. The Bottom Line A balloon mortgage is a loan that is generally for 5 to 7 years and has a lump sum due at the end of the loan term.As a result, the final payment on a balloon mortgage will be significantly larger than the regular monthly mortgage payments. Of course, most borrowers expect to either refinance before the balloon mortgage term ends, or sell the associated property. So the final payment likely won't even come into play in the real world.Home Loans Balloon Mortgages. A balloon mortgage…