Answer for "What is a balloon mortgage?"

Charlie Boyd Agent real estate agent
  Janie Boyd & Associates Real Estate Services LLC

A type of mortgage in which the loan amount is amortized over the full length of the loan (usually 30 yrs), but the loan actually comes due after a few years (usually five or seven). The first payments go mostly towards interest. The balance of the loan is due in one final installment, called the BALLOON PAYMENT.

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