The final lump-sum payment to pay off a balloon mortgage' s balance
The balance on a balloon mortgage is due in full typically between 5 to 7 years, after the day it starts. This last payment is a large sum of money, and if you can not pay it off, you do have the option to sell or refinance, even though interest rates might be high. If you do not take any of these options, you' re risking foreclosure. Some balloon mortgages do allow you to extend the loan in exchange for a higher rate.
Stop my foreclosure
Mortgage definitions and Real Estate Terms, Consolidating loans, refinancing mortgages and reverse mortgage process available to anyone. This consumer information site contains several tools and guides to aid in purchasing or refinancing a home or commercial property.
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Friday, April 14, 2006
