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Balloon Mortgages

Balloon mortgages include a note rate that remains fixed initially, and the principal balance becomes due at the end of the mortgage term.

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(View Glossary of Mortgage Terms Here)

A balloon mortgage has an interest rate that is fixed for an initial amount of time. At the end of the term, the remaining principal balance is due. At this time, the borrower has a choice to either refinance or pay off the remaining balance.

There are no penalties to paying off a balloon mortgage loan before it is due. Borrowers may refinance at any time during the life of the loan.

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Balloon loans typically have either 5 or 7-year terms. For example, a 7-year balloon mortgage with an interest rate of 7.5% would feature this interest rate for the entire term. After 7 years, the remaining loan balance would become due.

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(203) 859-8124 or (860) 761-1331
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We've been helping customers afford the home of their dreams for many years and we love what we do.

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Contact Us

88 Riverside Ave, Suite 2

Bristol CT 06010

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20 Washington Ave, Suite 106
North Haven, CT 06473


Phone: (203) 859-8124 or (860) 761-1331


Brian@welcomehomemortgage.net

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Locations in Bristol & North Haven, CT.

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