Iris is looking for a short-term mortgage that will allow her to pay fixed payments at a relatively low fixed interest rate during the life of the mortgage and one large payment at the end of the term.What kind of mortgage should Iris take?

Question

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A balloon-payment mortgage fits Iris's requirements as it allows her to pay fixed payments at a fixed interest rate during the term, followed by one large final payment at the end of the term. This type of mortgage is often shorter in duration and offers lower interest rates compared to traditional fixed-rate mortgages.

Iris Is Looking for a Short-Term Mortgage That Will Allow