Things You'll Need:
- Online Mortgage/finance Services
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Step 1
Proceed with getting a balloon loan exactly as you would for any other mortgage. (Note the distinguishing factor that a balloon mortgage generally carries a lower-than-normal fixed interest rate for the initial period - usually three to ten years.)
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Step 2
Ask the lender about the interest rate.
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Step 3
Ask the lender when the balance will come due.
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Step 4
Ask if there's a refinance option when the balance comes due.
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Step 5
Ask if the refinance option (if any) can be lost or forfeited, and if so, how.
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Step 6
Ask if you would have to re-qualify for a mortgage when the balance comes due.








