Balloon Mortgage Loan Program -
7 year/5 year
Lower initial monthly payment
Lower payment over a shorter period of time
Many balloon mortgages offer the option to convert to a new loan after the initial term.
Risk of rates being higher at the end of the initial fixed period
Risk of foreclosure if you cannot make balloon payment or if you cannot refinance or if you cannot exercise the conversion option
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment