are any type of mortgage where the final scheduled payment is more than double the amount of any previous monthly payments. Borrowers make payments over a set amount of time until the loan matures, which is usually 5 or 7 years, at which point the entire remaining balance is due. This final balloon payment can turn out large, but since balloon mortgages have shorter terms than other loan types, the interest rates are typically lower. This ultimately means lower monthly payments and long-term costs. If you intend to build or rehabilitate a home, move, flip a house, or expect a windfall such as an inheritance, you can enjoy the benefits of a balloon mortgage loan without too much risk. If this type of mortgage makes sense for your personal situation, contact Streamline Mortgage today for more information about how we can help you. 