balloon mortgage

balloon mortgage
balloon mortgage see mortgage

Merriam-Webster’s Dictionary of Law. . 1996.

balloon mortgage
n.
A mortgage in which the buyer makes regular payments at intervals and then must pay the rest of the balance at the end of the mortgage period.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.


balloon mortgage
A mortgage that is not fully paid off over the loan term (such as five, seven, or ten years), leaving a balance at the end. The borrower must either pay off the remaining mortgage or refinance the loan.
Category: Real Estate & Rental Property

Nolo’s Plain-English Law Dictionary. . 2009.

balloon mortgage
USA
A mortgage loan that calls for full payment of the remaining principal balance at a specified point in time. For example, an agreement for a loan that amortizes (amortization) as if paid over 30 years can call for full payment after ten years. The final lump sum due when a balloon mortgage terminates is called a balloon payment.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.


balloon mortgage

Webster's New World Law Dictionary. . 2000.

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Look at other dictionaries:

  • balloon mortgage — A mortgage loan with a balloon payment. Typically, the balloon payment is due 10 or 15 years after the loan is made. American Banker Glossary * * * balloon mortgage balloon mortgage ➔ mortgage1 * * * balloon mortgage UK US noun [C] FINANCE ► a… …   Financial and business terms

  • balloon mortgage — A mortgage in which one or more large payments may be made as part of the repayment profile; it is also called a non amortizing mortgage. With a balloon mortgage a lump sum often has to be repaid at the end of the term to cover the remaining debt …   Big dictionary of business and management

  • Balloon Mortgage — A type of short term mortgage. Balloon mortgages require borrowers to make regular payments for a specific interval, then pay off the remaining balance within a relatively short time. Some types of balloon mortgages can be interest only for 10… …   Investment dictionary

  • balloon mortgage — bal loon ,mortgage noun count AMERICAN a MORTGAGE that you pay back in regular small payments with one large final payment, which is called a balloon payment …   Usage of the words and phrases in modern English

  • balloon mortgage — /bəˌlu:n mɔ:gɪdʒ/ noun US a mortgage where the final payment (called a ‘balloon payment’) is larger than the others …   Dictionary of banking and finance

  • balloon mortgage — A mortgage providing for specific payments at stated regular intervals, with the final payment considerably more than any of the periodic payments …   Black's law dictionary

  • balloon mortgage — A mortgage providing for specific payments at stated regular intervals, with the final payment considerably more than any of the periodic payments …   Black's law dictionary

  • balloon mortgage — …   Useful english dictionary

  • mortgage — mort·gage 1 / mȯr gij/ n [Anglo French, from Old French, from mort dead (from Latin mortuus ) + gage security] 1 a: a conveyance of title to property that is given to secure an obligation (as a debt) and that is defeated upon payment or… …   Law dictionary

  • mortgage — /morgaj/ A mortgage is an interest in land created by a written instrument providing security for the performance of a duty or the payment of a debt. At common law, an estate created by a conveyance absolute in its form, but intended to secure… …   Black's law dictionary

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