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Updated almost 8 years ago on . Most recent reply

Ryan Bradley's profile image
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Ryan Bradley
  • from Newark, Delaware
  • Member since Sep 25, 2017
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Ryan Bradley's profile image
Ryan Bradley's profile image
Ryan Bradley
  • from Newark, Delaware
  • Member since Sep 25, 2017
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Ryan Bradley
  • Newark, DE
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4
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Buying & Selling Real Estate

Can someone explain balloon mortgage to me in layman's terms?

Ryan Bradley
  • Newark, DE
Posted

Ok, so I am thinking of seller financing a home and it was advised I offer a certain % down and approach the seller about a 5 or 7 year balloon mortgage. I would make payments every month to the seller and at the 5 or 7 year mark, I could pay the seller the full amount. How does this work? I don't understand it at all. Thanks!

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Terry Miller's profile image
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Terry Miller
  • from Akron, OH
  • Member since May 31, 2015
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Terry Miller's profile image
Terry Miller's profile image
Terry Miller
  • from Akron, OH
  • Member since May 31, 2015
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Terry Miller
  • Akron, OH
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Terry Miller
  • Akron, OH
Replied

You just explained it. I don't know why you thought you didn't understand it.

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