balloon payment

balloon payment
n.
The large payment due at the end of the term of a balloon note.

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


balloon payment
A large final payment due at the end of a loan, typically a home or car loan, to pay off the amount the monthly payments didn't cover. Many states prohibit balloon payments in loans for goods or services that are primarily for personal, family, or household use, or require the lender to let the borrower refinance the balloon payment before forcing collection.
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Nolo’s Plain-English Law Dictionary. . 2009.


balloon payment
=>> payment.

Webster's New World Law Dictionary. . 2000.


balloon payment
The final installment of a loan to be paid in an amount that is disproportionately larger than the regular installment.

Dictionary from West's Encyclopedia of American Law. 2005.


balloon payment
The final installment of a loan to be paid in an amount that is disproportionately larger than the regular installment.

Short Dictionary of (mostly American) Legal Terms and Abbreviations.

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Look at other dictionaries:

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  • Balloon payment mortgage — A balloon payment mortgage is a mortgage which does not fully amortize over the term of the note, thus leaving a balance due at maturity.Wiedemer, John P, Real Estate Finance, 8th Edition , p 109 110] The final payment is called a balloon payment …   Wikipedia

  • balloon payment — The final payment of principal under a balloon note; commonly representing essentially the entire principal. See balloon mortgage balloon note …   Black's law dictionary

  • balloon payment — The final payment of principal under a balloon note; commonly representing essentially the entire principal. See balloon mortgage balloon note …   Black's law dictionary

  • balloon payment — /bə lu:n ˌpeɪmənt/ noun the last payment, usually much larger than the others, that is made when repaying a balloon loan …   Marketing dictionary in english

  • balloon payment — n. large lump sum paid as final payment due at the end of a loan …   English contemporary dictionary

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