Community Trust Bank provides Devlin with a mortgage to buy a home. The rate of interest is fixed for seven years. At the end of that period, a large payment for the entire balance of the mortgage loan is due. This is

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A balloon mortgage is a type of mortgage where the borrower makes fixed monthly payments for a set period of time (in this case, seven years). At the end of the term, the remaining balance on the mortgage is due in one lump sum payment, also known as the "balloon payment." This type of mortgage can be risky for the borrower, as they must be prepared to make a large payment at the end of the term or refinance the mortgage. However, it may be a good option for borrowers who have a plan in place to pay off the mortgage or plan to sell the property before the balloon payment is due.

Community Trust Bank Provides Devlin with a Mortgage to Buy