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WHAT IS A BALLOON MORTGAGE?
 
A balloon mortgage is that it has a level monthly payments of principal and interest that do not fully amortize the loans. The balance is due in a lump sum payment at a specified date, usually at the end of the term. A mortgage that has level monthly payments that will only authorize it over a stated the term that provides for the lump sum payment to be due at the end of an earlier specified term.This is also a mortgage that sums up the payments in a preceding payment and pays the loan to it's fullest. A balloon mortgage is also a mortgage that is authorized for a loan repayment period but at the end of a specific period. The balance of the mortgage comes due. Plus a balloon payment needs to also be made you cant just receive it like that.




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