FindLaw Legal Dictionary
The FindLaw Legal Dictionary -- free access to over 8260 definitions of legal terms. Search for a definition or browse our legal glossaries.
Balloon Loan Or Mortgage
balloon loan or mortgage
- a mortgage that typically offers low rates for an initial period of time (usually 5, 7, or 10) years; after that time period elapses, the balance is due or is refinanced by the borrower.
Source: U.S. Department of Housing and Urban Development