Balloon Mortgage loans are usually amortized over a 30 year term. Interest rates on these types of loans are generally less than that of a 30 year Fixed, although they are only fixed for 5 or 7 years. On a 5 year balloon the interest rate would be fixed for the first 60 months. On the 61st month this loan would balloon out. This would require you to refinance into a another mortgage program or payoff the mortgage balance.

 
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