As with any type of financing, it is crucial that you inform yourself of all the ins and outs of it so you know exactly what you’re getting into with a balloon [...] A balloon mortgage is a type of financing where you have an interest rate that is fixed but only for a set period of time. Balloon mortgages, although comparable to adjustable rate mortgages, are a bit simpler because the rate is only adjusted once and this is at the end of your balloon term which we stated before is typically five to seven years.
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