A balloon payment is a larger-than-usual one-time payment at the end of the loan term. If you have a mortgage with a balloon payment, your payments may be lower in the years before the balloon payment comes due, but you could owe a big amount at the end of the loan.
A balloon payment mortgage is a mortgage which does not fully amortize over the term of the note, thus leaving a balance due at maturity. The final payment is called a balloon payment because of its large size.
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qualified mortgages: transitional definition of creditors eligible to originate Balloon-Payment Qualified Mortgages. Qualified Mortgages: Shifts the annual percentage rate (APR) threshold for Small Creditor and Balloon-Payment QMs from 1.5 percentage points above the average prime.
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A qualified mortgage is a mortgage that meets certain requirements for lender protection and or overpriced loan with terms such as negative-amortization, balloon payment or interest-only mortgage . Qualified mortgage regulations do allow lenders to issue mortgages that are not qualified, but…
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