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Further
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Are You The Next Internet Millionaire ? - Michel Richer
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The most common reason most people refinance is to save money, but many people refinance for various other reasons. 1. Refinancing to Lower Your Monthly Payment for an Existing Loan. You can refinance your existing loan at a lower interest...
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In the last five to ten years, the phenomenon of road-rage has been increasing, now we learn that office-rage is on the increase too. What is going on? What has changed? How would you react and deal with office rage? Today, customers are more...
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Beware of Balloon Mortgages
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Written By:
Syd Johnson
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This is a mortgage where the one payment, usually the last one is bigger than any other payments. Balloon Mortgages are usually set up like a regular 30 year mortgage except that at some date in the future, a large balloon payment will be due. The balloon payment is typically the entire balance of the mortgage. The due date of the balloon payment and it's relationship to all other monthly payments is spelled out in the terms of the mortgage agreement.
How are balloon mortgages structured?
They are usually quoted in terms such as 5/30, 7/30 or 10/30. This means that a large payment is due at the end of the 5th year (payment 60), the 7th year (payment 84) or at the end of the 10th year (payment 120). At this time, the entire loan balance is due.
Rollover Clause
First - continued below ...
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clarify with your Mortgage Lender or Agent that you are indeed signing up for a balloon mortgage. Then, get a rollover clause attached to your balloon mortgage agreement. The rollover clause says that at the end of the mortgage term, 5, 7 or 10 years, the loan will automatically rollover into another type of mortgage. This will protect your assets in case you are not able to come up with the full payment on the due date.
Anything you can do to protect yourself when you have a balloon loan is preferred, since most lenders are less likely to work with you to come to an agreement on the due date.
About the Author
This article may be freely distributed as long as there's an active link to http://www.rapidlingo.com
Syd Johnson
Editor
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Managers: Paying for PR-Lite? - Robert A Kelly
As a business, non-profit or association manager, your public relations expenditure may give you names in the newspaper or product plugs on radio. But what about key stakeholder behavior change – the kind that leads directly to achieving your...
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Q: One of my key employees is giving me trouble. He has started showing up late for work and has developed a bad attitude in general. The rest of my employees are complaining since they are having to take up his slack. I've tried talking to him,...
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