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Balloon Mortgage. A mortgage that is payable in full after a period that is shorter than the term. In the 1920s most balloon loans were interest-only-the borrower paid interest but no principal. At maturity, usually five or 10 years, the balloon that had to be repaid was equal to the original loan amount.
Definition: A balloon mortgage is a financing mechanism where the payments are not fully amortized over the term of the loan. Sometimes the borrower needs to pay only the interest on the loan. As the loan is not fully amortized, the borrower needs to pay a large sum of money at maturity, in some cases the full principal, in order to close the loan.
A balloon loan may be useful when the borrower expects interest rates to be low at the end of the term, allowing him/her simply to refinance the loan. However, there is a high risk of default because not all borrowers actually have the cash to repay an entire loan in one payment. See also: Balloon Mortgage.
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Mortgage Year Terms Bankrate Com calculator mortgage Mortgage Calculators. recently (which could maybe be overestimating), seem a good bit higher (~0.35-0.4%) than what I'm seeing on bankrate.com, Reason persistence needed: this is assembly line mortgage lending.
Search balloon loan and thousands of other words in English definition and synonym dictionary from Reverso. You can complete the definition of balloon loan given by the English Definition dictionary with other English dictionaries: Wikipedia, Lexilogos, Oxford, Cambridge, Chambers Harrap, Wordreference, Collins Lexibase dictionaries, Merriam Webster.
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Balloon Loans – definition of Balloon Loans by The Free. – Balloon Loans synonyms, Balloon Loans pronunciation, Balloon Loans translation, English dictionary definition of Balloon Loans. n a loan in respect of which interest and capital are paid off in instalments at irregular intervals. A balloon loan is a type of loan that does not fully amortize over its term.
· balloon payment definition is – a final payment that is much larger than any earlier payment made on a debt. How to use balloon payment in a sentence.