Re: Ae you house poor? Do you regret it?
Originally Posted by theonenonlymrssmith
What is a "baloon payment?"
Meaning Shes making non amortizing payments right now. She has a 10 year mortgage (i don't really know how long only throwing out figures) that in 10 years a large sum lets say 30K will be due and she has to pay it all then. OR refinance now (which is hard in this market). Typically when you take out a mortgage and its set to amortize in 10 years that last payment you pay is to pay it off completely and usually pretty small (like around your normal payment). I do not recommend having a balloon loan.
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