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Understand The Home Buying Process
Are you purchasing a new home but know that your job, family or living situation may make you move again in the very near future?
Balloon Loans from Landmark Bank may be the right mortgage product for you.
Many people ask us “what is a balloon mortgage” and “how can it work for me as a homeowner?”
Balloon Mortgages, while more common in commercial real estate can also be applicable to personal homeowners – especially those who will consider moving again soon, because they leave a balance at the end of the loan term known as a “balloon payment.”
Initial loan repayment terms on balloon loans are short, and feature low interest rates, while maintaining a large balance after amortization, which can be paid off if you sell the property or encounter a financial windfall. Balloon Mortgages do not feature a standard 30-year commitment to payments like traditional home loans, and Balloon Mortgages can always be refinanced, subject to approval if your situation changes and you wish to continue making normal payments on the home.
Are you interested in receiving more information about Balloon Mortgages and making one work for you? Contact your trusted local lender at Landmark Bank today, or Apply Online!
Landmark Bank is here for you. Learn about our other Real Estate Loan products to help decide which is right for you.