Loan Program Library
Balloon mortgage loans are short-term fixed-rate loans with fixed monthly payments for a set number of years followed by one large final balloon payment for all of the remainder of the principal.
Borrowers with balloon loans may have the right to refinance the loan when the balloon payment is due, but the right to refinance is not guaranteed. Mortgage300 offers 5 year and 7 year Balloon Mortgages programs.
Great Option For:
- Short Term Purchases
- Lower Monthly Payments
- Know you’ll be moving within the next few years
- Have an established credit history
- Can put at least 5% down on a home