Balloons, Extendable Balloons,


Intermediate ARMs

These loans are typically used with short-term goals in mind and are sometimes considered one of the best tools to save money for those who will stay with that mortgage for only a few years.

They are fixed for a reduced interest rate for the first 3, 5, 7 or 10 years of a loan and then become due and payable in full or may convert to a new fixed rate or adjustable rate note.

The conversions are allowed, although with certain conditions.

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