Balloon mortgages are home loans that typically last for shorter periods of time, most are between 3 and 10 years, and these types of loans allow the borrower to pay lower monthly payments and interest rates. Often when the loan period has ended the home owner is required to pay the remaining balance in full. When certain criteria are met lenders may convert the home loan to a fixed or adjustable rate mortgage.
866.677.5623 Office: 757.395.4707 Fax: 757.395.4710 287 Independence Blvd. Suite 113 Virginia Beach VA 23464 Email: mmiano@peopleshomeequity.com Peoples Home Equity, Inc Licensed by the Virginia State Corporation Commission MLB-1145
