Balloon mortgages allow first-time homebuyers and advancing professionals to purchase a home at a low interest rate. The balance of the mortgage is due in a lump sum at the end of the term. The homeowners then refinance the home to make the lump sum payment.
Fixed interest rate for term of loan, usually lower than the 15-year rate
Balloon payment due at end of term
Can be refinanced to a fixed market rate for remainder of term
Loan amounts start as little as $30,000
HOME EQUITY Whether you need money for remodeling, travel, college, debt consolidation or anything else, a home equity loan is a great way to finance your dreams.
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