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How Does a Balloon Payment Mortgage Work?

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Part of the video series: Mortgages

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Summary: In a balloon mortgage, the payment is due within a specified period of time that is usually no less than one year and no more than five years. Make monthly payments on a balloon mortgage with tips from a licensed mortgage broker in this free video on personal finance and real estate.

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By Adriel Torres
eHow Presenter

Adriel Torres has been in the mortgage business for over a decade. He has owned two mortgage companies and is a licensed mortgage broker. Torres has been doing credit repair since...read more

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"Hello, how does a balloon payment work? That's going to be the topic of today's discussion. My name is Adriel Torres. I'm the owner of Ultimate Credit Today.Com. Balloon mortgage is just like a regular mortgage except the main difference is that a balloon mortgage is all do, that's the amount of the loan the principle all due within a specified period of time usually no less than a year and no more than five years. The payment on your balloon mortgage is the same. As based most of them are based on 30 year amortization, they have an interest rate, and they are due monthly just like a regular monthly mortgage. Again the only difference is on a balloon the entire amount is due in a specified time. That's the only real difference between a mortgage and a balloon mortgage. The payments are the same. You make your monthly payments just like you would on a regular mortgage and that's what a balloon mortgage payment and how it works. Again my name is Adriel Torres. I'm the owner of Ultimate Credit Today.Com. Thank you."

eHow Article: How Does a Balloon Payment Mortgage Work?