Bullet

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Bullet

A one-time repayment, often after little or no amortization of the loan. See: Balloon Payment.

Bullet

The final, large payment a loan whereby the property owner makes only small payments for a set period of time (often five, seven or 10 years). At the end of the term, the owner repays the bullet, which is the entire principal and interest at once. For example, during the 2000s real estate bubble, balloon mortgages were common; homeowners made only interest payments followed by a bullet for the entire principal of the mortgage's maturity. Loans with bullets may be useful if the owner expects interest rates to be low at the end of the term and he/she can simply refinance the loans. However, there is a high risk of default because not all owners have the cash to repay the loan at one given time.
References in classic literature ?
Sheldon promptly swerved to the left to seek similar shelter, when the faint crack of a rifle came to his ears, and almost immediately the bullet, striking the hard sand a hundred feet beyond him, ricochetted and whined onward on a second flight, convincing him that, preposterous and unreal as it was, it was nevertheless sober fact.
Just as he emerged, stepping out a pace, a rifle cracked to his right, and though he did not hear the bullet in passing, the thud of it came to his ears when it struck a palm-trunk farther on.
The bullet, driving with momentum sufficient to perforate a man's body a mile distant, struck Tudor with such force as to pivot him, whirling him half around by the shock of its impact and knocking him down.
Ay tank you fish patrol fallers never ban so lucky as when you sail with Ole Ericsen," he was saying, when a rifle cracked sharply astern, and a bullet gouged along the newly painted cabin, glanced on a nail, and sang shrilly onward into space.
At sight of his beloved paintwork thus defaced, he jumped up and shook his fist at the fishermen; but a second bullet smashed into the cabin not six inches from his head, and he dropped down to the deck under cover of the rail.
A bullet glanced on the stern and sang off to starboard like a spiteful bee.
Before landing, I had the men substitute soft bullets for the steel-jacketed projectiles with which their belts and magazines were filled.
I suppose," said Flambeau, "that you've got some notion in your head, but it won't easily get the bullet out of his.
The bullet had gone through the gag into the jaw; that is why there was a shot-hole in the scarf, but only one shot.
The Englishman slid to the bottom of the canoe as a bullet whizzed above him.
His finger closed upon the trigger--there was a flash and a report, and Malbihn's giant frame jerked to the impact of another bullet.
But the fact which clearly opened my eyes to the true state of the case, was the affair of the bullet, found by Mr.