David Saks: March 2010

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Real Estate Practice : Lesson 594

                                                    #594

A balloon mortgage is a contract for the purchase of a home which is delivered to the buyer by the lender by a lighter than air method of transportation known as a balloon.

Is this fact true or false ?

Please take your time. The solution is posted below the wildlife photo.

wildlife

A. False

A balloon mortgage is an interest-only or partially amortized loan for a mortgage that requires the borrower to make a payment of the remaining principal balance of the loan at the end of the term of the loan.

It's called a balloon mortgage because of the balloon payment which is a final payment which is much larger than the other regular payments applied to the balance of the loan.




David Saks



Time&Temp Memphis

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Comment balloon 0 commentsDavid Saks • March 22 2010 07:12AM
Real Estate Practice : Lesson 594
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#594 A balloon mortgage is a contract for the purchase of a home which is delivered to the buyer by the lender by a lighter than air method of transportation known as a balloon. Is this… more
Real Estate Practice : Lesson 593
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Real Estate Practice : Lesson 592
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#592 An audit in real estate means the ability to hear, in audible terms, the price of the property in a normal speaking voice. Is this fact true or false Please take your time as… more
Real Estate Practice : Lesson 591
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#591 An assumption fee is a fee that a lender will charge a borrower for assuming that his or or loan will be approved. Is this fact true or false Please take your time with this… more
Real Estate Practice : Lesson 590
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#590 An assumption is when one party or another assumes that the property is going to be given to them as part of a devise. Is this fact true or false Please take your time. The… more
Real Estate Practice : Lesson 589
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#589 An assignor is one who has engaged in the practice of breeding mules and donkeys. Is this fact true or false Please take your time. The solution is posted below the wildlife… more
Real Estate Practice : Lesson 588
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#588 When we talk about an assignment when discussing real estate, we're actually referring to the homework which is assigned by the instructor or professor in your real estate class. &… more
Real Estate Practice : Lesson 587
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#587 An assignee is one who has placed their name on a legal document and has had it witnessed by a government official. Is this fact true or false Please take your time. The… more
Real Estate Practice : Lesson 586
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#586 To assign in real estate terms means to assign parking spaces to the employees in a brokerage based of the number of homes they've sold in the last 90 days. Is this fact true or… more
Real Estate Practice : Lesson 585
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#585 Liquid assets are things of value that have fallen into the river and need drying off, or whiskey which may be sold for cash and valuable prizes. Is this fact true or false … more