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A balloon mortgage is a mortgage in which the total loan amount is not spread over the term, making monthly payments smaller, but leaving a balance due at maturity. Think you’ll move or refinance soon? If you change your mind, you can simply extend the remaining balance of your balloon mortgage.
Option of bi-weekly or monthly payments
Bi-weekly payments allow you to pay off your loan more quickly
For example, a typical 30 year mortgage made with bi-weekly payments will pay out in 22 ½ years.
Consider a balloon mortgage if:
You plan on moving in a few years
You will be refinancing for improvements