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balloon payment mortgage

noun

Definitions of balloon payment mortgage

  • a loan which requires small regular payments to be made for a certain period of time and and a large portion of the borrowed amount, called a balloon payment, to be repaid in a single payment at the end of the loan period

    "A borrower who has a balloon-payment mortgage closed on our standard balloon-payment mortgage documents typically has a conditional right to refinance at maturity into a fixed-rate mortgage."

Phrase Bank for balloon payment mortgage

Additional Notes for balloon payment mortgage

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