Balloon Mortgages

A balloon mortgage has an interest rate that is fixed for an initial amount of time. At the end of the term, the remaining principal balance is due. At this time, the borrower has a choice to either refinance or pay off the remaining balance.

There are no penalties to paying off a balloon mortgage loan before it is due. Borrowers may refinance at any time during the life of the loan.

Balloon loans typically have either 5 or 7-year terms. For example, a 7-year balloon mortgage with an interest rate of 7.5% would feature this interest rate for the entire term. After 7 years, the remaining loan balance would become due.

CENTER POINT MORTGAGE, INC

1450 N Tustin Ave #223, Santa Ana, CA 92705

Phone 888.653.7010

Fax 949.421.6474

California Broker # 01494257

NMLS # 1216434

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This site is not available in New York. No mortgage loan applications for properties located in the state of New York will be accepted through this site.

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