Balloon mortgages offer the advantage of lower
interest rates and lower monthly payments for the initial period.
The disadvantage is that you must pay off the balance of the
mortgage at the end of the fixed period or exercise the option
to extend. Some conditions must be met to extend.
Normally, you would consider this type of loan if you intended
to sell or refinance your home before the end of the initial
period.
For
information on rates and terms, please contact us at:
