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Financing Your Home >Balloon Mortgages

In loan terminology a "balloon" is the unpaid loan balance that must be paid in full on a specified due date. Federal savings and loan associations are permitted to make balloon mortgages with as little as five percent down and monthly payments that are smaller than the amount needed to fully amortize the debt. On the due date, which may be only a few years after the loan was made, the balance must be paid off or the loan must be renegotiated. Balloon borrowers must be cautious and plan carefully to avoid overlooking balloon payment obligations. It is easy to be lulled into complacency by the easy monthly payment terms.

Today's complex economics have produced a wide variety of options for potential borrowers, who are often surprised by how much house they can afford to buy. Loan approval is ultimately in the lender's hands, but your real estate agent can help you to determine your real buying power.

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Q	What is a Buyer Broker?
A	A buyer broker represents buyers, helping them to find the best property and negotiate the best purchase price and terms.
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Lorna Sherland, REALTORŽ, real estate agent and broker for Newburgh, New Windsor, Warwick New York home listings, property and land for sale - NUMBER1EXPERT(tm)

Lorna Sherland
Success Power Brokers
105 Rabbit Run Rd
Clintondale, New York 12515
Tel: 845-629-1675
Tel: 1-800-344-1675
Fax: 1-800-344-1675
Email: lornasherland@NUMBER1EXPERT.com
Lorna Sherland has resided in the Town Montgomery, NY for approximately 10 years, and just recently relocated to the small Town of Clintondale,in Plattekill, New York. Originally from Kingston Jamaica, Lorna relocated from Bronx, NY to scenic Orange County because the area reminded her of her original environment in Kingston, Jamaica. She resides here in the small Town of Clintondale with her husband and son, who's currently in graduate school and a graduate of the Valley Central School District. Lorna is herself an alumni of Marist College. She prides herself in taking care or her clients and customers real estate needs with the optimum professionalism. She listens, then executes!! Along with her motto of "Always at work for you" & "Success Without Limits", she strongly believes culture of "Win Win or No Deal".

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