|
Locking in a home mortgage rate today won't be the same as it was a year ago when rates stood at a 40-year low, but mortgage seekers are still getting a very attractive mortgage interest rate. Shopping around for the right home and getting the lowest possible interest rate is very important. These days 5/25 and 7/23 convertible balloon mortgages are getting more popular since they provide lower rates than conventional 30 year mortgages while still giving a fixed payment schedule for 5 or more years. The risk, of course, is what happens after the initial fixed period is over and you have the possibility of converting your loan.
Convertible Balloon
Mortgage Calculator
|
Comprehensive Mortgage Glossary
Loan Amount: The loan amount would be the amount of money that you expect to finance. For example you would enter an amount like this 100000.
Type of Loan: Enter the type of convertible ballon mortgage you are wanting to apply for. For example if you wanted a 5 year ballon, you would select 5/25.
Interest Rate: Enter the interest rate on the loan, (e.g. 6.875),
as quoted by the lender.
Monthly PrePayment: Enter the total amount of additional payment you plan to pay during the initial years of a ballon mortgage. (e.g. 100)
Output Type: This is the format you want your calculations to be presented to you.
|
|
PRE-QUALIFY
Home Mortgage Quote
|
|
