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Balloon Mortgage

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TOPIC: Balloon Mortgage

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#168

Balloon Mortgage 1 Year, 9 Months ago
I recently inquired about a seller financed property and the owner suggested that the balloon mortgage scheme would be the best. Can somebody please explain to me how this works and what are the terms?

ladymaz2002

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#179

Re:Balloon Mortgage 1 Year, 9 Months ago
Terms would be dependent upon the seller-but a basic balloon works as such-you agree to repay the loan for a specific amount of time-sometimes Interest only and sometimes not-again terms depend upon seller or noteholder-for instance, 30 years. SO payments would be based upon a 30 year amortization; but the full note may be due in 5, 10 or 15 years-again, depending on seller/noteholder's terms.