Mott Marvin Kornicki, Waterway Realtors, Notary Public 786-229-7999 (Waterway Realtors® • South East Florida • Real Estate Brokers)

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Rainmaker
744,809
Pete Xavier
Investments to Luxury - Pacific Palisades, CA
Outstanding Agent Referrals-Nationwide

Best wishes on your studies. I believe you will pass the ethics part with flying colors.

Nov 06, 2019 01:52 PM
Rainmaker
1,639,319
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

They were VERY popular when interest rates were higher Mott Marvin Kornicki . 99.9% of them were refinanced before the balloon became due (by design).

Nov 06, 2019 02:55 PM
Ambassador
1,660,138
Alan May
Jameson Sotheby's International Realty - Evanston, IL
Helping you find your way home.

Nov 06, 2019 02:12 PM
Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD

You have some studying to do. Do a Google search.

Nov 06, 2019 01:47 PM
Ambassador
3,402,784
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

RE/MAX Balloon.

Nov 06, 2019 08:35 PM
Rainmaker
383,817
Susie Kay
Ultima Real Estate - Plano, TX
North Dallas Specialist

Yes, I have and it's going to be a party when it pops 

Nov 06, 2019 05:54 PM
Rainmaker
1,221,667
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Mott Marvin Kornicki As a matter of fact, I just covered Balloon Mortgage in broker class this afternoon. Hurry, fly up to Pittsburgh, PA for tomorrow's review.

Nov 06, 2019 03:35 PM
Rainmaker
4,537,372
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Yes, what Barbara Todaro said

Nov 06, 2019 02:48 PM
Rainmaker
5,084,694
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

I am familiar with balloon mortgage.... to be paid in full on the date of the balloon party.... the party is over at that point.

Nov 06, 2019 02:43 PM
Rainmaker
706,057
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

A balloon mortgage is one which has low fixed monthly payments...not enough to amortize the loan over its life and one monster payment due as the last payment...which is the entire balance that is still due...thus the balloon moniker. 

Nov 06, 2019 02:21 PM
Rainmaker
1,218,041
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty

:)

So good at the beginning...

Nov 07, 2019 04:41 AM
Ambassador
4,325,257
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Use them all the time, and have several in effect right now.

Nov 06, 2019 03:26 PM
Rainmaker
568,020
Peter Testa
Nationwide Homes - Danbury, CT
PETER TESTA

No party, just a big payment due at the end. 

Nov 07, 2019 05:18 AM
Rainmaker
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Tom Bailey
Margaret Rudd & Associates Inc. - Oak Island, NC

It is a mortgage where the down payment is shifted to the end of the loan! That's a little oversimplified! You amortized a percentage of the loan, with the balance due at the end

Nov 07, 2019 12:38 AM
Rainmaker
1,257,287
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Wish they were a party, but they're not.

Nov 06, 2019 03:39 PM
Rainmaker
740,834
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Most of our seller carryback deals include an ADAP (balloon) with a longer amortization period.

Nov 06, 2019 03:23 PM
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Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Yes, I have and yes, I've seen them.

Definition: a mortgage in which a large portion of the borrowed principal is repaid in a single payment at the end of the loan period.

Nov 06, 2019 03:01 PM
Ambassador
1,651,056
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Focus on your class.

Nov 06, 2019 06:43 PM
Rainmaker
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Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I used to use them alot buying ,fixing and selling homes. Simply said that the balance comes due on a specific date. Then the balloon goes boom

Nov 06, 2019 03:57 PM
Rainmaker
2,811,280
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

They are great parties until the balloons pop! 

Nov 07, 2019 08:06 AM
Rainmaker
3,341,012
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

A mortgage with stated payments for a period of time with the entire outstanding balance due and payable at a specific point in time.

Nov 07, 2019 04:21 AM
Rainmaker
755,682
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

It was a way that many people got into trouble because they couldn't come up with the balloon payment and couldn't refinance for whatever reason. Many had to ask for extensions, or sell, of face losing house. Some sellers don't want to do a take back, so they are willing to extend payoff. I recently got a 2 year extension for a buyer that owner financed for 5 years, but didn't have funds on hand to make the last balloon payment.

Nov 07, 2019 01:39 AM
Rainer
241,204
Caroline Gerardo
CMG Financial - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

It is not a good thing. Low payments for a short period of time then a huge amount is due

Nov 07, 2019 10:45 AM
Rainmaker
4,136,212
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Never had one.

Nov 14, 2019 05:19 AM
Rainmaker
3,228,601
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Have not heard of a balloon payment in a long time.

 

Nov 13, 2019 08:38 AM