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- Balloon_payment_mortgage abstract "A balloon payment mortgage is a mortgage which does not fully amortize over the term of the note, thus leaving a balance due at maturity. The final payment is called a balloon payment because of its large size. Balloon payment mortgages are more common in commercial real estate than in residential real estate. A balloon payment mortgage may have a fixed or a floating interest rate. The most common way of describing a balloon loan uses the terminology X due in Y, where X is the number of years over which the loan is amortized, and Y is the year in which the principal balance is due.An example of a balloon payment mortgage is the 7-year Fannie Mae Balloon, which features monthly payments based on a 30-year amortization. In the United States, the amount of the balloon payment must be stated in the contract if Truth-in-Lending provisions apply to the loan.Because borrowers may not have the resources to make the balloon payment at the end of the loan term, a "two-step" mortgage plan may be used with balloon payment mortgages. Under the two-step plan, sometimes referred to as "reset option", the mortgage note "resets" using current market rates and using a fully amortizing payment schedule. This option is not necessarily automatic, and may only be available if the borrower is still the owner/occupant, has no 30-day late payments in the preceding 12 months, and has no other liens against the property. For balloon payment mortgages without a reset option or where the reset option is not available, the expectation is that either the borrower will have sold the property or refinanced the loan by the end of the loan term. This may mean that there is a refinancing risk.Adjustable rate mortgages are sometimes confused with balloon payment mortgages. The distinction is that a balloon payment may require refinancing or repayment at the end of the period; some adjustable rate mortgages do not need to be refinanced, and the interest rate is automatically adjusted at the end of the applicable period. Some countries do not allow balloon payment mortgages for residential housing: the lender must continue the loan (the reset option is required). To the borrower, therefore, there is no risk that the lender will refuse to refinance or continue the loan.A related piece of jargon is bullet payment. With a bullet loan, a bullet payment is paid back when the loan comes to its contractual maturity—e.g., reaches the deadline set to repayment at the time the loan was granted—representing the full loan amount (also called principal). Periodic interest payments are generally made throughout the life of the loan.".
- Balloon_payment_mortgage wikiPageID "2635659".
- Balloon_payment_mortgage wikiPageLength "5279".
- Balloon_payment_mortgage wikiPageOutDegree "22".
- Balloon_payment_mortgage wikiPageRevisionID "681322445".
- Balloon_payment_mortgage wikiPageWikiLink Adjustable-rate_mortgage.
- Balloon_payment_mortgage wikiPageWikiLink Adjustable_rate_mortgage.
- Balloon_payment_mortgage wikiPageWikiLink Amortization_(business).
- Balloon_payment_mortgage wikiPageWikiLink Amortization_schedule.
- Balloon_payment_mortgage wikiPageWikiLink Bond_(finance).
- Balloon_payment_mortgage wikiPageWikiLink Bullet_loan.
- Balloon_payment_mortgage wikiPageWikiLink Category:Basic_financial_concepts.
- Balloon_payment_mortgage wikiPageWikiLink Category:Mortgage.
- Balloon_payment_mortgage wikiPageWikiLink Commercial_property.
- Balloon_payment_mortgage wikiPageWikiLink Coupon_(bond).
- Balloon_payment_mortgage wikiPageWikiLink Face_value.
- Balloon_payment_mortgage wikiPageWikiLink Fannie_Mae.
- Balloon_payment_mortgage wikiPageWikiLink House.
- Balloon_payment_mortgage wikiPageWikiLink Interest.
- Balloon_payment_mortgage wikiPageWikiLink Loan.
- Balloon_payment_mortgage wikiPageWikiLink Maturity_(finance).
- Balloon_payment_mortgage wikiPageWikiLink Mortgage_loan.
- Balloon_payment_mortgage wikiPageWikiLink Mortgage_note.
- Balloon_payment_mortgage wikiPageWikiLink Refinancing_risk.
- Balloon_payment_mortgage wikiPageWikiLink Truth_in_Lending_Act.
- Balloon_payment_mortgage wikiPageWikiLink United_States.
- Balloon_payment_mortgage wikiPageWikiLinkText "Balloon payment mortgage".
- Balloon_payment_mortgage wikiPageWikiLinkText "balloon mortgages".
- Balloon_payment_mortgage wikiPageWikiLinkText "balloon payment mortgage".
- Balloon_payment_mortgage wikiPageWikiLinkText "balloon payment".
- Balloon_payment_mortgage wikiPageWikiLinkText "balloon".
- Balloon_payment_mortgage hasPhotoCollection Balloon_payment_mortgage.
- Balloon_payment_mortgage wikiPageUsesTemplate Template:Citation_needed.
- Balloon_payment_mortgage wikiPageUsesTemplate USA.
- Balloon_payment_mortgage wikiPageUsesTemplate Template:Mortgage_loan.
- Balloon_payment_mortgage wikiPageUsesTemplate Template:Reflist.
- Balloon_payment_mortgage subject Category:Basic_financial_concepts.
- Balloon_payment_mortgage subject Category:Mortgage.
- Balloon_payment_mortgage hypernym Mortgage.
- Balloon_payment_mortgage type Article.
- Balloon_payment_mortgage type Company.
- Balloon_payment_mortgage type Article.
- Balloon_payment_mortgage comment "A balloon payment mortgage is a mortgage which does not fully amortize over the term of the note, thus leaving a balance due at maturity. The final payment is called a balloon payment because of its large size. Balloon payment mortgages are more common in commercial real estate than in residential real estate. A balloon payment mortgage may have a fixed or a floating interest rate.".
- Balloon_payment_mortgage label "Balloon payment mortgage".
- Balloon_payment_mortgage sameAs m.07tblm.
- Balloon_payment_mortgage sameAs Q4851871.
- Balloon_payment_mortgage sameAs Q4851871.
- Balloon_payment_mortgage wasDerivedFrom Balloon_payment_mortgage?oldid=681322445.
- Balloon_payment_mortgage isPrimaryTopicOf Balloon_payment_mortgage.