Balloon Mortgage

Does your job require you to relocate every few years? Is your family growing and there is a need for additional bedrooms? Are you looking for a smaller home once the kids leave and have little left to pay? A 7 year balloon may be right for you.

These rates assume that the purpose of the loan is to purchase a single family, primary residence home, with a loan amount of $80,000.  The property value is $100,000.  The assumed credit score of the borrower is 720 or higher.  An escrow account may be required. If an escrow account is required, the actual monthly payment will also include amounts for real estate taxes and homeowner’s insurance premiums.

The monthly principal and interest schedule for our  7 Year Balloon Mortgage is as follows:

Monthly Payments/ Amortization TermInterest RateAPRPrincipal & InterestFinal Balloon Payment
83 payments/
180 month amortization
5.000%5.140%$632.63$50,604.59
83 payments/
240 month amortization
5.000%5.131%$527.96$61,001.33
83 payments/
360 month amortization
5.000%5.124%$429.46$70,785.16

 

 

Calculate your payments

Property Insurance is required on the loan collateral.   Advertised offers are effective 1/31/2014 and are subject to change at any time.  Approvals subject to qualified credit and property evaluation.  APR will vary based upon applicant’s credit worthiness, the term of the loan, your final loan amount, and finance charges.  Member eligibility required. other restrictions may apply.