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What is a balloon payment loan?

Balloon payment loans are typically offered by small or private lenders and can be reserved for certain types of lending, like construction. Balloon mortgage lenders establish their own requirements. They can be stricter, requiring higher credit scores and down payment amounts.

Can you make a balloon payment on a mortgage?

If you’re considering a balloon loan, you need to think about whether and how you can make the balloon payment when it comes due. A balloon payment isn’t allowed in a type of loan called a Qualified Mortgage, with some limited exceptions. Tip: A mortgage with a balloon payment can be risky because you owe a larger payment at the end of the loan.

How much does a balloon loan cost?

Generally, a balloon payment is more than two times the loan’s average monthly payment, and often it can be tens of thousands of dollars. Most balloon loans require one large payment that pays off your remaining balance at the end of the loan term.

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