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Financing Your Home >Balloon Mortgages
In loan terminology a "balloon" is the unpaid loan balance that must be paid in full on a specified due date. Federal savings and loan associations are permitted to make balloon mortgages with as little as five percent down and monthly payments that are smaller than the amount needed to fully amortize the debt. On the due date, which may be only a few years after the loan was made, the balance must be paid off or the loan must be renegotiated. Balloon borrowers must be cautious and plan carefully to avoid overlooking balloon payment obligations. It is easy to be lulled into complacency by the easy monthly payment terms.
Today's complex economics have produced a wide variety of options for potential borrowers, who are often surprised by how much house they can afford to buy. Loan approval is ultimately in the lender's hands, but your real estate agent can help you to determine your real buying power.
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| Q |
Which famous skilled mason laid the cornerstone of the Capitol Building in Washington, D.C. in 1793?
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| A |
George Washington, the first President of the United States. |
 See More Real Estate Trivia > |
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Kerry Roth, ABR, CDPE, CIPS, CRS, e-PRO, GRI
RE/MAX 2000
11900 Parklawn Dr Rockville Pike, Suite 100
Rockville, MD. 20852
Direct : 301-518-0994
Fax: 240-465-1408
Home Fax : 24-465-1408
Office : 301-881-1700
Email: KerRemax@comcast.net
I have helped hundreds of clients make the move and I look forward adding you to the long list of satisfied clinets I have assisted. I look forward assisting you with your home sale or purchase in the DC Metro Area in the near future. Do not hesitate to contact me with any questions or concerns about real estate in our area. If you are moving from out of town, don't hesitate to ask for our relocation package. I serve DC, Maryland and Northern Virginia! Happy House Hunting!         
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