 What is the penalty for breaking a rental agreement? |
| Hello, I am a college student planning to go abroad next spring. Every lease I have looked at wants a 12 month agreement. I live in Minneapolis, MN and was wondering what sort of penalty I would ... |
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 Do you think that 300 bucks a month is a huge difference? |
Like, I have these two homes I want to buy, not both just one.
The first one is nice and would be about 2200 a month.
It has 3 bedrooms, no finished basement, and 2 baths, around 2200 sq.ft.... |
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 How can a low income person get loan to own a home? |
| my monthly salary is about 7000 Rs.I am planing to own a home for me,I have a land in my mother name.I want to built a home in that or i would like to purchase a home for me in any location.But I am ... |
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 House foreclosure? |
| In december I had to take a leave of absence from work due to medical reasons. Unfortunately, during this time I didnt have any income and my house has fallen into foreclosure. However, I have ... |
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 I live in Florida and I am renting a room on the contract it says that utilities are included in the payment? |
| but the landowner takes the battery out of the air condition so we can't use it, and he won't allow us to cook, because the smell of frying he don't like, also he has a band and plays ... |
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 Selling house how long from offer to completion? |
| I have seen conflicting timescales from offer to completion on a usual mortgage type deal. 2 weeks to 8 weeks have been suggested, Whats your experience, whats the reality.?... |
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 How do I apply for gov. housing? Or housing projects? |
| Im looking for a place to live, which I can afford. I'm a broke college student with no financial aid, because of my parents income. Im not getting any money from them, and they want me out of ... |
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 Do real estate agents need to identify themselves as such when buying a house? |
| I've been told that California requires a licensed agent to disclose to the Seller that they hold a RE license even if they are buying for themselves and not representing another party. I haven&#... |
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 What is the best way to put a positive spin on the fact that the condohotels I'm selling are not pet friendly? |
| I am a Condominium Owner Service Manager at a beach resort in Florida. When I have a prospective buyer for the hotel, the question occasionally comes up as to whether or not we are pet-friendly. It&... |
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 Landlord/Roommate dispute - Landlord trying to raise rent midway through lease?? |
| I signed a lease that states rent as $1,300 with a maximum of 4 people living in this house. However, we are paying $1,200 because the landlord "meant" to change it to $1,200, but couldn... |
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 Moving out 1 bdrm good plan? |
| Since my divorce My daughter and I live with my mom to help us and to financelly help her. She got a large inhert. and no longer needs help so were moving. I got a 1 bdrm coz I spend all my time in ... |
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 Can my landlord do this, legally? |
| I have lived at my house for 8 months. I love it. When I moved in, the house needed a little fixing up and there were a couple things the landlord said he'd get out. Well, he promised he'd ... |
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 Mortage with negative equity and need to refinance, guidance please.? |
| I have a mortgage and now my equity is in the negative. But how can i refinance, without putting any more money in, does anyone have any ideas or gone through this. My loan is fixed right now at 6.25%... |
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 Do you have to be good at math in order to be a mortgage broker? |
| what kind of math? cause i am interested in this job but im not what you would call a math wiz at ... |
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 Can a home by owned by a minor? |
| My mother wants to buy a home but wants to have the property under my brothers name. He is currently 14 years old. Is this possible in Texas or any other state? Do you necessarily have to be an adult ... |
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 Is my apartment complex held liable? |
I live in an apartment complex and my air condition just recently went out July 4th. The AC was fixed by a electrician leased through the apartments on Saturday, July 7th.
The electrician ... |
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wiselady | I don't really understand what balloon mortgage/loan means in real state? |
please give me an easy meaning that i could understand easily what balloon mortgage means? |
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millenniummike304
|
A baloon loan is basically designed to give you a very low interest rate compared to a traditional 30 year fixed mortgage. The bad thing about a baloon is that you will owe the remainder of your remainder balance when the ballon period comes. Usually 5 10 or even 15 years |
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jseah114
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A balloon mortgage is a mortgage that the payment is based on a certain payment period, but a lump sum payment is due at an earlier date. For example, you could have a mortgage where the payments is based on a 30 year payment period, but the loan is expected to be paid off in 15 years either by a balloon payment of the balance due, or a refinance. |
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glendaray961
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I think it means you will have to pay it off at one time by a certain date.You don't pay notes, you just have to pay it all at once |
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A.Mercer
|
You start off with little payments, but at the end is one really big payment.
Imagine with this scenario for a $50,000 house in ten payments, the last being a balloon payment.
$1000
$1000
$1000
$1000
$1000
$1000
$1000
$1000
$1000
$41000
Does that last payment look a little out of place? It is incredibly larger than the other payments. A balloon payment is a useful tool in certain real estate transactions. However, it should not be used by someone buying their house for themselves. Not unless you are 100% certain you will have the money to make the balloon payment. Otherwise, you lose the house and what you put into it. |
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greekgirl
 |
An example would be: your mortgage payments will be calculated (amortized) like you are paying over 30 years, but your balance is due at the end of 15 years. The final payment is the balloon payment. Hope this makes sense! |
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MeanKitty
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A balloon mortgage means it expires at a predetermined date and you have to pay it off. Most people just get another mortgage to repay the first one. |
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NONAME
|
A balloon payment is simply one very large payment. In almost all cases, the balloon payment will be for the entire remaining balance of the loan. Many times, at least on first mortgages with balloon features, there's a conditional right to refinance, where you can take a one-time rate adjustment and refinance the loan for the remaining term of the loan.
For example, you take a 5 year balloon, with a 30 year amortization. This means you will have a fixed rate for 5 years, with a payment based on a 30 year term. After 5 years, on your 60th payment, you will have to pay back the entire loan, or refinance for the remaining 25 years. |
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Jimmy P.
 |
Basically, at a designated period of time your entire mortgage will be due in full or a large part of it. An example is a 7 year balloon. You pretty much are only paying interest and at the end of the 7th year you make a "balloon payment" of the entire amount.
Not all balloons are the entire mortgage. Some are higher payments on the principal and interest.
Typically people get a balloon mortgage if they know the property value will go up significantly before the balloon and get out with a profit. Or if you can't afford the payment of the home at first but you anticipate it later.
I hope this answers your question. |
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NONAME
 |
i.e. in a five year balloon you pay a lower monthly payment for five years then you have one big payment at the end. You would have to refinance it then and a lot can change in five years (your credit, income, job time, interest rates etc.) |
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