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balloon mortgage
(redirected from Balloon Mortgages)

    Also found in: Financial 0.01 sec.
balloon mortgage
n.
A short-term mortgage in which small periodic payments are made until the completion of the term, at which time the balance is due as a single lump-sum payment.
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Many people looking for bad credit loans even used high risk loan packages, such as balloon mortgages, as a way to purchase a home.
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Balloon mortgages allow you to pay off your debt in 15 years but with the monthly installments of that of 30 years.
The Pros and Cons of Balloon Mortgage Rates by Ask Bill / Banking, finance and accounting community
 
 
 
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