Get the Latest Listings Before Anyone Else!
As soon as I list another home for sale, I'll email you. You'll know first.
Find Out More >
|
Are Balloon Mortgages For You?
A balloon mortgage can be an excellent option for many home buyers. A balloon mortgage is usually rather short, with a term of five to seven years, but the payment is based on a term of 30 years. They often have a lower interest rate, and can be easier to qualify for than a traditional 30 year fixed mortgage. There is, however, a risk to consider. At the end of your loan term you will need to pay off your outstanding balance. This usually means you must refinance, sell your home or convert the balloon mortgage to a traditional mortgage at the current interest rates.
Definitions
- Mortgage amount
- Original or expected balance for your mortgage.
- Interest rate
- Annual interest rate for this mortgage.
- Term in years
- The number of years over which you will repay this loan. The most common balloon mortgage terms are 5 years and 7 years. After the mortgage term is complete, you will then need to refinance or pay off the remaining balance.
- Monthly payment
- Monthly principal and interest payment (PI). The monthly payment is calculated using a 30 year term.
- Total payments
- Total of all monthly payments over the term of the balloon mortgage. This total payment amount assumes that there are no prepayments of principal.
- Total interest
- Total of all interest paid over the term of the balloon mortgage. This total interest amount assumes that there are no prepayments of principal.
- Prepayment type
- The frequency of prepayment. The options are: none, monthly, yearly, and one-time payment.
- Prepayment amount
- Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.
- Start with payment
- This is the payment number that your prepayments will begin with. For a one time payment, this is the payment number that the single prepayment will be included in. All prepayments of principal are assumed to be received by your lender in time to be included in the following month's interest calculation.
- Savings
- Total amount of interest you will save by prepaying your mortgage.
The mortgage calculators are provided by KJE Computer Solutions, LLC and made available to NUMBER1EXPERT as self-help tools for your independent use and are not intended to provide investment advice. We can't guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Real Estate Tips
Relocation >Help Your Real Estate Agent
Once your home is listed for sale, it may be difficult for you to step aside and let your agent take over. When prospective buyers arrive, you may want to stand by to point out the closet extenders, the hidden spice cabinet behind the kitchen door, the energy-saving storm windows or the updated copper plumbing. If you really want to help, however, you will leave the house whenever it is being shown!
We have found that the sales process does not really begin until buyers have begun to voice their objections about a property. Sometimes these concerns are serious enough to remove your house from consideration. Often, however, people voice objections as an automatic response when they really love the house and want to buy it. Real estate professionals are trained to know the difference.
If a seller is standing at the agent's elbow, the buyer won't be comfortable enough to allow the process of raising objections take place. If the buyer feels intimidated or suppressed, we could lose the sale. The best way to help is to give your real estate agent room to make the sale.
|
Real Estate Trivia
| Q |
What is the world's largest palace?
|
| A |
The Imperial Palace (Gugong) in the center of Beijing, China covers over 178 acres and dates back to the early 1400s. |
 See More Real Estate Trivia > |
|
|
'Lela' Ashkarian P.A. CRS, e-PRO. GRI
Coldwell Banker Schmitt Real Estate
11050 Overseas Highway
Marathon, FL. 33050
Direct: 305-395-0814
Mobile: 305-395-0814
Toll Free: 800-366-5181 ext 6492
eFax: 305-946-7771
Voice Mail: 800-366-5181 ext 6492
Email: lela@coldwellbanker.com
Email: lelasells@bellsouth.net
email: 395.0814@305.ac
My purpose is to help buyers and sellers Making Their Dream a Reality! To Live and Work in a prosperous environment in The Heart of Florida Keys and Key West that encourages productivity, to that we may improve the service we render to our family, friends, company, our community, our nation and, ultimately, the World.
By The Way!
Why is that immigrants to the United States succeed and become self-made millionaires at four times the rate of native-born Americans on a per-capita basis? and the simplest reason of all, aside from the fact that they had to have more ambition to leave their home to come here, is that they come here with a blank slate...is they come here, and they say, "Now, I'm starting all over from nothing." Many of them come here penniless, with no friends, no contacts, no ability to speak English. They have no education. They have no background. they start with nothing but a blank slate. and what they do is they say, "Now, I'm in the land of dreams. What is my dream?" (Brian Tracy). Does this resonate with you? it does with me! Now what is your dream?
Thank You. Lela
p.s. People don't mind trading information for good value. Please feel free to leave your email and phone number where I can communicate with you effectively.        
www.myhomesinthekeys.com
is brought to you by Lela Ashkarian
NUMBER1EXPERT in real estate for Marathon, Duck Key, Key Colony Beach and Islamorada, Florida
Read Lela Ashkarian's
Privacy Guarantee,
Terms of Service,
and
Free & Without Obligation Pledge
|
NUMBER1EXPERT®
© Best Image Marketing and/or its clients.
All rights reserved. All information deemed reliable but not guaranteed.
|
- NUMBER1EXPERT 
