BALLOON MORTGAGE
Our BALLOON MORTGAGE RATES & TERMS:
Property Types
Single family, condos, townhomes, 2-4 units
Loan Amounts
$75,000 – $970,800
Term
Fixed for specific period. Ending with final lump sum payment.
A balloon mortgage loan is a home loan with an initial period of low—sometimes interest-only— payments, at the end of which the borrower must pay the balance in full. A balloon mortgage is usually short-term, often five to seven years.
With their lower monthly payments, balloon mortgages can be advantageous to buyers planning to be in the home for a short term. Financing a property with balloon mortgage loans is a quick and straightforward process for an experienced lender like American Heritage Lending.
BALLOON MORTGAGE FINANCING
People who expect to stay in their home for only a short period of time may opt for a balloon mortgage. It comes with low monthly payments and a much lower overall cost since it is paid off in a few years rather than in 20 or 30 years like a conventional mortgage.
WHY CHOOSE A BaLLOON MORTGAGE LOAN?
Many buyers will likely have difficulty getting loans through a traditional lender like a bank or credit union. With American Heritage Lending, we offer you a variety of financing solutions to fit your needs.
We understand the need to move quickly when opportunities arise. Our application, appraisal, and approval process can be accomplished in just a few days to ensure you can negotiate effectively with the property holder.
USE OUR BALLOON MORTGAGE LOANS WHEN TRADITIONAL LENDING SOLUTIONS ARE NOT AVAILABLE
People who expect to stay in their home for only a short period of time may opt for a balloon mortgage. It comes with low monthly payments and a much lower overall cost since it is paid off in a few years rather than in 20 or 30 years like a conventional mortgage.
Others may intend to stay in their homes and refinance before the balloon payment is due. They may be counting on a higher income by then, and they are sure they will be able to handle a larger monthly payment. Or they may foresee a fall in interest rates.
Another type of homebuyer who might find the balloon mortgage appealing is a professional whose primary income comes as a year-end bonus. If that bonus is a certainty, it allows the buyer to get into the home earlier.