Balloon Mortgage

Definition:

A mortgage in which the debt service (interest and principal) that is paid regularly will not result in the complete payment of the loan at the end of the mortgage term. The payment that represents the amount of principal still due at the end of the term is called the balloon payment. "To balloon" a mortgage is to schedule the amortization payments over a longer period than the term of the mortgage. See also Amortization, Balloon Payment, Principal.

Related terms:

Home Equity Line of Credit

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