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Financing Your Home >Balloon Mortgages
In loan terminology a "balloon" is the unpaid loan balance that must be paid in full on a specified due date. Federal savings and loan associations are permitted to make balloon mortgages with as little as five percent down and monthly payments that are smaller than the amount needed to fully amortize the debt. On the due date, which may be only a few years after the loan was made, the balance must be paid off or the loan must be renegotiated. Balloon borrowers must be cautious and plan carefully to avoid overlooking balloon payment obligations. It is easy to be lulled into complacency by the easy monthly payment terms.
Today's complex economics have produced a wide variety of options for potential borrowers, who are often surprised by how much house they can afford to buy. Loan approval is ultimately in the lender's hands, but your real estate agent can help you to determine your real buying power.
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What was a sure way to accumulate wealth through the 1970s and early 1980s?
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Many people made their fortunes in real estate during this period. |
See More Real Estate Trivia > |
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Hildi Baker , CSP, ABR, CRS
Prudential Fox and Roach Realtors
601 E. Baltimore Pike
Media, PA 19063
Direct : 610-627-4925
Business: 610-566-3000
Fax: 610-566-8664
Email: hildibaker@prufoxroach.com
Terri Coyle, ABR
Prudential Fox and Roach Realtors
601 E. Baltimore Pike
Media, PA 19063
Direct: (610) 892-5773
Business: (610) 566-3000
Fax: (610) 566-8664
Email: terri.coyle@Prufoxroach.com
Hildi Baker is a full-time Realtor with over 20 years experience who is a recipient of many Multimillion Dollar Producer Awards as well as multiple Service Awards. The CSP designation was awarded to Hildi by the Home Builders Association of Chester and Delaware Counties making her a Certified New Home Sales professional. With honesty and integrity Hildi's team will employ vast Real Estate knowledge to provide you with excellent customer service in a timely and caring manner that produces exceptional Real Estate results.

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