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Balloon mortgagesSome mortgages have balloons in them. A balloon is simply a lump sum payment made by the borrower, usually of the entire balance still outstanding at the end of the agreed term. A mortgage can be interest only, with the entire principal due at the end of the term, or amortized over a long period, say 30 years, but with the entire outstanding balance due in say, 5 years. It can be very scary to have a balloon about to "pop" on you, especially if interest rates have gone up and you can't qualify for a new mortgage. If you are in this position, talk to the lender about allowing the mortgage to continue to run, even if you have to pay an increased interest rate. Use our calculators and tutorials to understand Time Value of Money.
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