– Balloon Mortgage Pros and Cons. Getting a balloon mortgage is a great option for those who want a low, fixed-interest rate. With this mortgage, you have a shorter term (shorter than other types of loans) lasting only 5 to 7 years. On the other hand, obtaining this type of loan will leave you paying a huge lump sum of money t the end of the loan.
Balloon mortgages: pros and cons Pro You’ll probably get a significantly lower interest rate than with a typical fixed-rate loan – and that means a lower monthly payment
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