ARM verbiage First Franklin & Nationpoint

If my loan documents say this is a "balloon note"

Does that mean it is just an ARM period?

Is that the  standard language for an ARM?

 

Sorry, not sure how to ask the question.

Thanks so much!

Views: 155

Replies to This Discussion

Permalink Reply by Gunnar Jonsson on February 27, 2010 at 5:57am
Mary.
Sound like you just have what it states, a balloon payment as the last payment on the note.

Gunnar
310-904-7220
Permalink Reply by DanaVoelzke on March 4, 2010 at 7:19pm
Balloon note is one of those loans where there is still a balance at the end of the loan. Just one of many creative ways to get the payment down.

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