Balloon Mortgages

A balloon mortgage has an interest rate that is fixed for an initial amount of time. At the end of the term, the remaining principal balance is due. At this time, the borrower has a choice to either refinance or pay off the remaining balance.

There are no penalties to paying off a balloon mortgage loan before it is due. Borrowers may refinance at any time during the life of the loan.

Balloon loans typically have either 5 or 7-year terms. For example, a 7-year balloon mortgage with an interest rate of 7.5% would feature this interest rate for the entire term. After 7 years, the remaining loan balance would become due.

Residential Mortgage Group is a DBA of
Home Mortgage Alliance Corporation (HMAC) Corporate 

4 Hutton Centre Dr, Santa Ana, CA 92707

Phone 844-244-7320

Fax 714.398.8810

NMLS License # 1165808

Department of Real Estate DRE License Number - 01526821

Department Of Business Oversight DBO License Number - 603L284

This site is not available in New York. No mortgage loan applications for properties located in the state of New York will be accepted through this site.

TEXAS CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE, SIGN AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, Click here is access form 

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