When I bought my home, I expected to be retiring within seven years and relocating to Florida. As a result, I chose a balloon mortgage option for a low payment and interest rate for seven years, with a large balloon payment due at the end of that period.
I am a year away from when the balloon payment kicks in, but my circumstances have dramatically changed and relocating is no longer an option at this time. As a result, I need to refinance my balloon mortgage in the next few months to avoid the huge payment that is otherwise due.
Fortunately, interest rates are historically low right now and I am hoping to attract a low fixed rate from a reputable mortgage company. It looks as though I will be in this house for quite some time and need a type of mortgage that I can comfortably afford.