If you are not planning to stay in your home for more than 10 years this may be the option for you!
A Balloon Mortgage allows you to lock into a fixed interest rate for a period of 5, 7 or 10 years with payments amortized over a period of up to 30 years. You benefit by paying less interest per month. At the end of the term you have the choice of paying off the remaining balance of the loan or refinancing at the current rate.
If you have questions about this Mortgage option, call or visit us today to discuss these programs or to apply by phone.