| Posted By |
Message |
cusesoftie
LIF Zygote
Member since 9/06 1 total post
Name:
Y
|
Anyone Have Any Balloon Loan Experience?
I went on Mortgages For Less and learned about all the mortgage options available to me. I had never heard of a balloon loan before. I guess that is a good choice for smaller loans and if you’re going to get a lump sum in the future. Anyone have any personal experiences to share with this type of loan?
|
Posted 9/22/06 6:26 AM  |
| |
|
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
|
Re: Anyone Have Any Balloon Loan Experience?
the site isn't coming up, do you have another link?
|
| Posted 9/22/06 10:34 AM |
| |
|
MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
|
Re: Anyone Have Any Balloon Loan Experience?
I would say dont do it.
|
| Posted 9/22/06 10:38 AM |
| |
|
MrsBlueSash
Love my sailor
Member since 6/05 5793 total posts
Name:
Christian
|
Re: Anyone Have Any Balloon Loan Experience?
I second not a good idea...many are the beginning of the road leading to forclosureland.
|
| Posted 9/22/06 11:08 AM |
| |
|
Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
|
Re: Anyone Have Any Balloon Loan Experience?
I wouldn't do one on a car- and def not on a house
there are so many other options this days- you should to talk to a mortgage banker/broker - websites are great for info- but talking to a live person is always better
if you want- I can FM you my DH email- he has helped alot of people on this board and LIW- he is happy to answer questions
|
| Posted 9/22/06 11:18 AM |
| |
|
ckone
LIF Adult
Member since 8/06 3014 total posts
Name:
|
Re: Anyone Have Any Balloon Loan Experience?
Not a good idea and I believe that you will either end up paying PMI or points. Do the right thing from the beginning. If you want a "cheaper" option go with a 40 year fixed.
|
| Posted 9/22/06 9:10 PM |
| |
|
bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
|
Re: Anyone Have Any Balloon Loan Experience?
wouldn't do it if i were you. i suggest buying mortgages for dummies. i found it very helpful.
|
| Posted 9/24/06 7:23 PM |
| |
|
kaklesmay
Love my baby boy!
Member since 9/05 1151 total posts
Name:
Kim
|
Re: Anyone Have Any Balloon Loan Experience?
We were going to do one. The balloon was due after 15 years and there is no way in heck we would still own the house by then so it was a good option for us.
If you plan on selling the house before its due it would just get paid off with the proceeds.
|
| Posted 9/25/06 4:05 PM |
| |
|
november12003
Love my boys...
Member since 5/05 2412 total posts
Name:
Jenn
|
Re: Anyone Have Any Balloon Loan Experience?
We did this with our home equity loan. It's priced as a 30 year loan (with a lower interest rate), with a balloon payment due at 15 years. We know we won't be there for 15 years, so it was a good option for us.
|
| Posted 9/25/06 4:40 PM |
| |
|
