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Balloon Payment

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Balloon Payment
 
Balloon payment loan
In a similar manner to an adjustable rate loan, a loan with a balloon payment can save you money on your monthly payments.

If you select this option, the loan will have a fixed rate for a period of time, usually thirty or fifteen years, in which the balance will be due at a point-in-time earlier than the amortization period.

At the end of the balloon period you will be required to refinance or payoff the orginal lender.

This type of loan is a good option for those looking to move from their current home in the near future.

Lenders are looking to earn your business. Get competitive rate quotes and you can get the best rates offered.