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A balloon loan is a particular type of loan wherein you are permitted to make certain fixed payments for a predetermined period of time. You will then need to make payments for the pending balance in just one lump-sum payment. The term used more often to describe this type of loan would be a bullet loan. Thus a large payment or sometimes the full principal of your loan would be needed to be paid at the termination of your loan term.
This payment to be made at the closing stages of your loan is termed as bullet payment or even balloon payment.
Note that a bullet loan could mean anything from a mortgage to a bond, possibly a note or just about any other category of credit.
This payment to be made at the closing stages of your loan is termed as bullet payment or even balloon payment.
Note that a bullet loan could mean anything from a mortgage to a bond, possibly a note or just about any other category of credit.
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