| 5 Year Balloon |
| Description: This loan has a fixed rate and payment for the first 5 years. After that, the remaining balance
owed is due in the form of a balloon payment. The payment is based on a loan that amortizes over 30 years.
Benefits: The interest rate and payment for this loan are significantly less than a 30 year fixed rate mortgage. Also, at the end of the 5 year period, there is a conditional refinance clause that allows you to keep the loan, and pay a rate determined at that time, for the remaining 25 years. To Consider: If you retain your property and do not refinance this loan within 5 years, you will be subject to the balloon payment. In the event that you do not qualify for the conditional refinance, this balloon payment may cause a financial hardship. |
| For information about 5 Year Balloon loan program, please contact us |
Equal Housing Lender. Some products may not be available in all states. Restrictions apply.
All rights reserved. Pre-qualification is neither pre-approval nor a commitment to lend; you must
submit additional information for review and approval. Approval may be subject to rate increases,
satisfactory title and appraisal review, and no change in financial condition. *Refinancing
or taking out a home equity loan or line of credit may increase the total number of monthly
payments and the total amount paid when comparing to your current situation.