A balloon loan is a type of hybrid, where you borrow money for a short
amount of time, say five years, but the payments are for a 30 year
amortization. At the end of five years, you will need to pay back the
principal that remains. The enticement is the lower interest. Change
your mind however and you could be stuck with taking out another
mortgage with all the attending time, fees and new interest rate to
cover that final payment. This loan is better for those who intend to
live in their new home for a short amount of time but want the fixed
rate security.
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