If you have a Balloon mortgage for a term of 15 years and the loan matures at the end of the agreed term, the remaining principle balance outstanding is due at that time. Depending on the size of your mortgage, you will have to make a final monthly installment that pays off a loan's entire remaining principal balance due. Then I could help you understand how balloon mortgages work and how I can help you fix this problem.
Balloon loans offer high interest rates that are fixed for a period of years.
These loans typically reflect the treasury index. The amortization schedules are generally for 20 or 25 years. The borrower can pay off the loan by either selling the property or refinancing. Analyze all your options before securing a balloon loan. We'll design a new site from the ground up or redesign an existing site.