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Balloon Payment
A mortgage creating a
lien against tow or more tracts of real property.
A mortgage loan under
which the final payment is significantly larger than the
previous payment.
A balloon mortgage is often amortized over a certain number of
years (i.e., 15, 20 or 30), but the final payment may be due
sooner. For
example, it is possible to offer a 7-year balloon mortgage
amortized over 20 years. The balloon payment takes its
name from the last payment due which can be very large, hence
the name "balloon."
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