Texas Cash Back Real Estate  About Us   -   Contact Us   -   Featured Listings   -   All Listings Sell a Home & Buy a New
Construction and save up to 3%

Sell a Home & Buy a Pre-Owned
Home and save up to 2%

Rent or Lease an Apartment
and get up to $500 Rebate

Buy a New Construction Home
in Texas & Save up to 2%
Sell a Home in the Houston
Area & Save up to 1%
Buy a Pre-Owned Home in the
Houston Area & save up to 1%
 
Rebate Package Details
Pricing Your Home
FREE Competitive Market Analysis (CMA)
Featured Listings
Checklist to Show Home
More on Getting Your Home Sold
Texas Community Links
Consumer Tools
    Subdivision Price Finder
    School Finder
    Golf Course Finder
    Senior Living Finder
    Consumer Market Report
    MLS Monthly Press Release
    Real Estate Dictionary
    Calculators
    Calculadoras (En Español)
Checklists and Worksheets
    Getting a Mortgage Checklist
    Loan Interview Materials Checklist
    Making an Offer Checklist
    Available Funds Worksheet
    Closing Costs Worksheet
    Gross Income Worksheet
    Home Visits Worksheet
    Housing Wants and Needs Worksheet
    Monthly Debt Worksheet
Mortgage Products and Lender Info
    Adjustable-Rate Mortgages
    Balloon Mortgages
    Biweekly Mortgages
    Fannie 3/2®
    Fannie 97®
    Fannie Mae's Community
    Home Buyer's Program™
    Expanded Approval™ for
    Timely Payment Rewards®
    Fixed-Rate Mortgages
    HomeStyle® Renovation Mortgage
    InterestFirst™ Fixed-Period
    Adjustable Rate Mortgages
    InterestFirst™ Fixed-Rate Mortgages
    Low Down Payment Mortgages:
    Flexible 97® and Flexible 100™
    Native American Housing Loans
    Reverse Mortgages:
    Home Equity Conversion Mortgage
    Reverse Mortgages:
    Home Keeper for Home Purchase
    Reverse Mortgages:
    Home Keeper Mortgage
    Rural Housing Loans
    Reverse Mortgage
    About Reverse Mortgages
    Assessing Your Financial Needs & Goals
    Living With Your Reverse Mortgage
Refinancing
    Finding the Best Refinancing Deal for You
    Points and Refinancing
    Refinancing Eligibility and Requirements
    Some Good Reasons to Refinance
    The Costs Of Refinancing
Home Improvement and Remodeling
    Buying And Improving A Home
    Buying And Improving A Home
    Requirements
    Home Improvement Financing
    Improving Your Existing Home: Costs
    Improving Your Existing Home: Projects
    Investing In The Home: Energy Savings
    Selecting A Contractor:
    Sources and References
    Selecting A Contractor: The Contract
    Working With a
    Home Improvement Lender
 
 Jill Aylwin Realtor Texas Cash Back Real Estate

Jill Aylwin - Real Estate Broker, Realtor, MBA
Contact Us
 Realtor MLS
    Ph: (281) 334-CASH

  Balloon Mortgages

A balloon mortgage is a type of fixed-rate mortgage loan in which the principal and interest payments are amortized over a longer period (30 years) than the actual term of the mortgage. For example, a 7-year balloon mortgage has a term of 7 years, but the payments are calculated as if the term of the loan was 30 years.

At the end of the balloon period, you must pay off the outstanding balance with a lump-sum payment or may be able to refinance for the remaining term of 23 years. The option to refinance is conditional, meaning you have to meet certain conditions (as described below).

Loan Features

  • The refinance option is not automatic: you must exercise it by making a written request.

  • You generally must occupy the property as a principal residence or second home (some exceptions may apply).

  • Refinancing conditions may include payment of closing costs and a lender fee, as well as no 30-day late payments in the previous 12 months and no other liens against your property except for taxes and special assessments not yet due and payable (some exceptions may apply).

  • Generally, no need to re-qualify when refinancing at the end of 7 years, as long as the new interest rate is not more than 5 percentage points above the loan's original interest rate.

  • Available for conventional fixed-rate, first mortgages, including the purchase of a principal residence, second home or investment property (some restrictions may apply).

Considerations:

  • The interest rate on a balloon mortgage may be lower than the interest rate on a comparable 30-year fixed-rate mortgage.

  • You will be responsible for paying off or refinancing the full amount of the outstanding loan balance at the end of the loan term (when the "balloon payment" becomes due).

  • May be a good choice if you plan to sell or refinance your home within 7 years and you want a relatively low monthly payment during that time.

  • The refinance option may provide a "safety net" if a planned relocation does not take place or economic conditions prevent you from moving to a larger home (as long as you meet all of the required conditions needed to exercise the refinance option).

 

Sell a Home and Save up to 1%

 

 

Contact Us today -- Or --
Call us anytime at (281) 334-CASH

 

 
Buy a New Construction Home
in Texas & Save up to 2%
Sell a Home in the Houston
Area & Save up to 1%
Buy a Pre-Owned Home in the
Houston Area & save up to 1%
 

Texas Cash Back Real Estate

Contact Us today -- Or --
Call us anytime at (281) 334-CASH

 Texas Realtors        Realtor MLS


Web Site Design, submission and hosting by Uster Enterprise Inc. (713) 412-6704
E-mail Webmaster