9 Things You Should Do Before Applying For A Balloon Mortgage
A balloon mortgage is a short-term mortgage that usually has only about five to seven years. It works similar to a fixed rate mortgage when you make monthly payments but at the end of the term, the final payment is much larger than the other payments to pay off the balance of the loan.
That being the case, there are certain things you need to consider before applying for a balloon mortgage.
1. What do you need to have in order to apply? Applying for balloon mortgage is similar to regular mortgage and you’ll probably be the same documents and papers that you would for any other type of mortgage. However, you should ask your lending institution with paperwork you’ll need to have available.
2. what is the interest rate? Just like with any other mortgage to want to know what the interest rate is. In a balloon mortgage it is usually fixed for a certain amount of time. Sometimes it may carry a lower interest rate for the first several years but this really depends on the lender and you should get this information before you make any commitment.
3. When does the balance...
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