A mortgage that is paid off in one lump sum at the end of a specified term.

A balloon mortgage is usually a short-term fixed-rate loan which involves small payments for a certain period of time and one large payment for the remaining amount of the principal at a specific time.

Board Approval Board approval is a condition in the standard cooperative sales contract requiring that the buyer obtain approval from the board of directors of the cooperative corporation as a prerequisite to completing the sale.

With a balloon mortgage, you make monthly payments over the mortgage term, which is typically five, seven, or ten years, and a final installment, or balloon payment, that is significantly larger than the usual monthly payments. In some cases, you pay only interest on the loan during the mortgage term, and the entire principal is due in the balloon [..]

A mortgage that is not fully paid off over the loan term (such as five, seven, or ten years), leaving a balance at the end. The borrower must either pay off the remaining mortgage or refinance the loa [..]

A mortgage loan in which the monthly payments are not large enough to repay the loan by the end of the term. So at the end of the term, the remaining balance comes due in a single large payment.

A mortgage loan that requires the remaining principal balance be paid at a specific point in time. For example, a loan may be amortized as if it would be paid over a thirty year period, but requires that at the end of the tenth year the entire remaining balance must be paid.

Definition Type of mortgage loan that requires the borrower to pay a large sum of money at the time of maturity. The borrower typically pays regular payments on the loan until the loan reaches maturit [..]

is a special type of mortgage, which requires monthly payment for a certain period of time, and paying the outstanding loan balance in full at the end of this period. The balloon mortgage is a type of [..]

see mortgage

A mortgage which is payable in full after a period that is shorter than the term. In most cases, the balance is refinanced with the current or another lender. On a 7-year balloon loan, for example [..]

Usually a short-term fixed-rate loan that involves small payments for a certain period of time and one large payment for the remaining principal balance, due at a time specified in the contract.

Mortgage with a final lump sum payment that is greater than preceding payments and pays the loan in full.

Usually a short-term fixed-rate loan which involves small payments for a certain period of time and one large payment for the remaining amount of the principal at a time specified in the contract.

It is a short term payment with mortgage payments too low to pay off the balance in the specified time. This loan thus requires payment in full usually a lump sum amount, payable earliear than the nor [..]

is a mortgage with a large payment made near or at the end of a loan term.

Balloon mortgage is a mortgage providing for specific payments at stated regular intervals, with the final payment considerably more than any of the periodic payments.

A type of mortgage where the amortization schedule will not cancel out the debt by the end of the mortgage term. Instead, a large payment (see “Balloon Payment”) of the remaining principal balance must be paid. This usually occurs about five to seven years after the loan has been taken out.

A mortgage loan in which the monthly payments are not large enough to repay the loan by the end of the term. So at the end of the term, the remaining balance comes due in a single large payment.

A type of mortgage with a final payment that is considerably larger than the preceding payments, typically used when borrowers anticipate receiving a large sum of cash to pay the balance or when they [..]

Usually a short-term fixed-rate loan which involves small payments for a certain period of time, and one large payment for the remaining amount of the principal at a time specified in the contract.

Usually a short-term fixed-rate loan which involves small payments for a certain period of time and one large payment for the remaining amount of the principal at a time specified in the contract.

The terms on a balloon mortgage are insufficient to completely amortize the loan. A balloon, or lump sum, payment is required at the maturity of the loan to completely pay off the remaining principal. Balloon mortgages often contain a contractual opportunity to refinance when the balloon payment is due at prevailing rates.

A short-term fixed-rate loan which involves smaller payments for a certain period of time and one large payment for the entire balance due at the end of the loan term.

A Balloon Mortgage is usually a short-term fixed-rate loan which involves small payments for a certain period of time and one large payment for the remaining amount of the principal at a contractually [..]

A mortgage with periodic payments that do not fully amortize the loan. The outstanding balance of the mortgage is due in a lump sum at the end of the term.

A mortgage with level monthly payments that amortizes over a stated term but also requires that a lump sum payment be paid at the end of an earlier specified term.

A mortgage with level monthly payments that amortizes over a stated term but also requires that a lump sum payment be paid at the end of an earlier specified term.

A mortgage with a note that calls for the minimum payment of principal and the payment of interest at regular intervals, usually for 7 to 10 years, and the payment is usually amortized over 30 years. [..]

Usually a short-term, fixed-rate loan that involves small payments for a determined period of time and one large payment for the remaining amount of the principal at a time specified in the contract.