A balloon mortgage has fixed monthly payments for a period of time.At the end of that time,the entire principal balance must be paid in full.

Name: A balloon mortgage has fixed monthly payments for a period of time.At the end of that time,the entire principal balance must be paid in full.
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A balloon mortgage typically has fixed monthly payments for a certain number of years, often 5 or 7, and then a lump sum payment of the remaining principal balance becomes due at the end of the term.

A Balloon Mortgage Has Fixed Monthly Payments for a Period