A Ballon Mortgage Can Help You Pay Off You Home Fast!

A balloon mortgage from Trident Mortgage at Haverford Station is a short-term, fixed-rate mortgage that offers a lower interest rate during the repayment period, but it requires a large lump-sum payment due at the end of a specified term.

Most mortgages are set up so that you pay off the loan gradually by the monthly payments that you make over the loan term (for example, 30 years). With a balloon mortgage, you make the same monthly payments that you would for a 30-year loan, but after a shorter period of time (for example, 7 years), the entire remaining balance of the loan is due.  When the balloon payment is due, you will usually need to refinance your loan to pay it or sell your home if you cannot refinance the loan. Consider a balloon mortgage if:

• You plan to sell your home before the end of the specified term
• You plan to refinance your home before the end of the specified term
• You’re prepared to pay off your loan at the end of the specified term

 Drew Taaffe

43 Haverford Station Road
Haverford, PA 19041

Phone:  610-645-3802

Fax:      610-349-3407

 

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