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Balloon Mortgages
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.
Key features:
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Option of bi-weekly or monthly payments
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Bi-weekly payments allow you to pay off your loan more quickly
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For example, a typical 30 year mortgage made with bi-weekly payments will pay out in 22 ½ years.
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Consider a balloon mortgage if:
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You plan on moving in a few years
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You will be refinancing for improvements
- Apply online, by phone, or visit your local branch
- Mortgage calculators
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Equal Housing Lender | Member FDIC
Equal Housing Lender | Member FDIC