Balloon Mortgages

A balloon mortgages is a fixed-rate loan with fixed payments for a specific number of years, and then a larger "balloon" payment due at the end of the loan's term.

Balloon mortgages generally have a lower interest rate than a comparable fixed-rate mortgage. They are frequently used when buyers plan to sell or refinance their home within seven years, or want to qualify for a larger home. The balloon program's lower interest rate and monthly payment may make it possible for buyers to qualify for a larger home than expected.

Here are three scenarios where balloon mortgages may be right for you:

Selling your home, relocating, or retiring to a smaller home in the near future
Expecting interest rates will decline in the future
Anticipating a large, lump-sum amount of cash in the future

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