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A balloon mortgage is a type of loan that requires a borrower to fulfill repayment in a lump sum. These types of mortgages are typically issued with a short-term duration.
A balloon mortgage is useful for an investment property where the owner does not expect to own for the full term of the mortgage. It may also be useful where the owner expects interest rates to be low at the end of the term and he/she can simply refinance the mortgage.
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A balloon mortgage is not ideal for borrowers unless they are positive that they will have the money to pay the balloon payment at the time of maturity. Use balloon mortgage in a sentence " You may want to take on a balloon mortgage if you think that will be an easier way to pay it all off.
A balloon mortgage for $25,000 has interest-only payments for 5 years at 12 percent, with the full principal of $25,000 due after 5 years. A balloon mortgage is a mortgage in which you make small payments over a period of time and repay the balance in one large final payment.
Balloon mortgages are mortgage loans where a scheduled payment is more than twice as big as any of the previous payments. For example, before the Great Depression in the United States, most mortgages were five- or seven-year balloon mortgages.