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balloon payment |
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Balloon Payment See: Bullet. Balloon Payment The final (large) payment that repays all the remaining principal and interest of a partially amortized or unamortized loan.
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Commercial real estate mortgages often have balloon payments due as the mortgages terminate. All of this explains why millions were willing to act on Greenspan's insane advice to refinance to an ARM in February 2004, and stand to be utterly wiped out when balloon payments begin to come due. Beware of prepayment penalties and balloon payments. |
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