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Fixed rate loans remain
fixed for the life of the loan, as well as provide a level repayment
term and are structured to repay the loan at the end of the term.
Balloon mortgages are a short-term loan
that have some features of a fixed rate mortgage. A balloon mortgage
provides a level repayment feature during the term of the loan, but
does not fully amortize over the original term.
At the end of the balloon term, there is still a remaining principal
loan balance and the mortgage holder
generally requires that the balance be
paid in full, which can be accomplished by refinancing.
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Fixed Rate and Term products Available
o
30 Year Fixed
o
20 Year Fixed
o
15 Year Fixed
o
10 Year Fixed
o
15 Year, 7 Year or 5 Year Balloon
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