Your Guide to Mortgage Paperwork
Trackin gall the paperwork you need to process your loan can be a headache. Your agent will assist you with gathering the proper documents, but make sure you're educated about what you need in advance.
What Is a Balloon Mortgage?
Shopping for a mortgage? Consider taking out a balloon mortgage, which offers low interest rates and affordable payments. A balloon mortgage is like a conventional fixed-rate mortgage in that it offers stable payments at a set interest rate over a specific number of years, but that’s where the similarity ends. Balloon mortgages don’t fully amortize, so there’s a large payment due at the end of the loan’s term. They’re not for everyone, but balloon mortgages are an ideal choice under certain circumstances.