BALLOON PAYMENT
An enormous payment owed at the end of a commercial loan, mortgage or other amortized loan. Because the whole loan amount is not amortized within the span of the loan, the balance left will be due as a last repayment to the lender.
Balloon payments are usually pre-packaged as "two-step mortgages." In this kind of mortgage, a balloon payment will be provided into a continuing or new amortized mortgage at existing market rates.
Balloon payments can happen within an adjustable-rate mortgage (ARM) or at a fixed rate.
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