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Balloon Payment

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.

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