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Making a Difference
5 and 7 Year Balloons
A 5 or 7 year balloon mortgage is a short-term fixed rate loan that typically has a lower interest rate than a regular fixed rate mortgage. A balloon mortgage is an attractive alternate to a 15-30 year fixed rate loan for those looking to stay in their home for 7 years or less.
The benefits of balloon mortgages are:- Lower interest rates than fixed rate loans
- Set monthly payments for the time period
- Smaller monthly payments
- Can qualify for a larger loan amount
This loan is amortized over 30 years to keep your payments low, and then matures after 5 or 7 years. At that time there are options available to continue with the current loan if you still occupy the property.
Find out why we're Ozaukee County's leading mortgage lender. Contact the Mortgage Team member closest to you to start your free pre-approval process now.
