Spending hundreds of dollars more each month than you need for your mortgage? Let me help you lower the cost. Apply now and I will jump on fixing you right up. Here's a little information that can help you with balloon mortgages.

Don't be scared by the phrase "float a balloon." A balloon mortgage is amortized over 30 (or 40) years, so monthly payments are comparably less (because of the lower interest rate) than a 30- or 40-year fixed rate mortgage. The big difference is that entire loan amount is due in 3 to 10 years. The advantage of balloon programs is that they tend to have the lowest rates, due to the fact that the entire balance must be paid off or refinanced at the end of the loan term. 

• A balloon mortgage may be right for you if you think your financial circumstances will change dramatically in a few years. In the mean time, you can enjoy a lower monthly payment than a fixed rate mortgage.
• Spouse finishing up college and returning or entering the work force in a few years? If so, this loan may just be the ticket.
• You anticipate moving or refinancing in a few years
• You think interest rates are headed down

Perhaps you are interested in having the stability of a fixed payment for the 15, 30, or 40 years. If so, you should consider the fixed rate mortgage option. Otherwise might also check into our temporary buydown or ARM options. 

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