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Know your Real Estate: Balloon Mortgage / Balloon Payment

When you are looking for an ideal home to live and you go to a real estate agent or a broker or even a builder, they might use jargons which you might not know.

But we give you a solution!!

Read this space every Tuesday & Wednesday for Real Estate Jargons.

Balloon Mortgage

  • A mortgage loan that requires the remaining principal balance be paid at a specific point in time.
  • For example, a loan may be amortized as if it would be paid over a thirty year period, but requires that at the end of the tenth year the entire remaining balance must be paid.

Balloon Payment

  • A large loan payment to clear a debt.

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