If you have a mortgage that has fixed monthly payments and a very large final payment,you have a(n)

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A balloon mortgage has fixed monthly payments, but a large final payment (the "balloon payment") that is due at the end of the mortgage term. This type of mortgage is usually short-term (e.g. 5-7 years) and is often used by borrowers who plan to sell or refinance the property before the balloon payment is due.

If You Have a Mortgage That Has Fixed Monthly Payments