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Tag: Negative amortization

Refinance Balloon Mortgage Before Balloon Payment Is Due

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.

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