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balloon mortgage

   Also found in: Financial, Wikipedia 0.03 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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Beyond that the building may be overextended, especially if there's an interest-only balloon mortgage that becomes due as rates rise.
Back to basics: Co-op and condo fundamentals matter by Shapiro, Sylvia / Real Estate Weekly
When Carolyn and Hugh Mann's (not their real names) $10,000 balloon mortgage payment came due, they didn't have the money to pay it.
Mortgage brokers and bankers: here's some things to consider before ... by Goode, Robin White / Black Enterprise
If you expect to move in a few years but still prefer a fixed payment, a balloon mortgage may be the answer.
Historically low interest rates still provide financial opportunity by Lumsden, Greg / Los Angeles Business Journal
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