residential mortgage: Mortgage Terms The "B's"
- 08/28/07 04:57 AM
BBalloon Mortgage A loan which is amortized for a longer period than the term of the loan. Usually this refers to a thirty-year amortization and a five year term. At the end of the term of the loan, the remaining outstanding principal on the loan is due. This final payment is known as a balloon payment. Balloon PaymentThe final lump sum paid at the maturity date of a balloon mortgage. Biweekly Payment MortgageA plan to reduce the debt every two weeks (instead of the standard monthly payment schedule). The 26 (or possibly 27) biweekly payments are each equal to one-half of the monthly … (1 comments)
BBalloon Mortgage A loan which is amortized for a longer period than the term of the loan. Usually this refers to a thirty-year amortization and a five year term. At the end of the term of the loan, the remaining outstanding principal on the loan is due. This final payment is known as a balloon payment.;)
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