Balloon Mortgages

A balloon mortgage is a short-term, fixed-rate mortgage that offers a lower interest rate throughout repayment, but requires a lump sum payment due at the end of a specified term. Balloon mortgages have five and seven-year terms, which means the lump sum payment is due at the end of five or seven years, depending on what term you choose.

Consider a balloon mortgage if:
  • You plan to sell your home in five to seven years
  • You plan to refinance within five to seven years
  • You're prepared to pay off your mortgage loan at the end of the specified term

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