A mortgage in which, for a specified period of time, only interest is paid after which the principal is due.
A non-amortizing mortgage under which the principal is paid in its entirety upon the maturity date.
usually a short-term, fixed-rate loan which involves small payments for a determined period of time and one large payment for the remaining amount of the principal at a time specified in the contract. Sometimes referred to as a balloon payment mortgage.
A mortgage loan with a fixed time period, usually five years or less, during which only interest is paid. At the end of the term, the entire principal is due and payable.
See Balloon Payment Mortgage.
Usually a short-term fixed-rate loan which involves small payments for a certain period of time and one large payment for the remaining amount of the principal at a specific time. Also known as Balloon Payment Mortgage.
A mortgage wherein only interest is periodically paid, with the entire principal amount due in one lump sum upon maturity.
A mortgage on which only interest is paid for a specified period of time (normally five years). After this time, the principal is due.
