A balloon payment mortgage loan is considered to be a high risk loan, where the borrower is supposed to make reimbursement within a short period of time and that too in a single payment rather than a series of payments over a long time period.
Nonetheless, they could be payment free or require interest only payments. What actually makes this form of mortgage more dangerous for creditors is the repayment method where payment has to be made in one single portion as compared to installments which make a constant source of money throughout the existence of the loan.
However, the construction industry is greatly benefiting from this by providence of short-term loan without any assurance or indemnity having said that; this type of loan continues to be more risky than other types of credits due to the higher interest rates issued to the borrowers and maintains a level uncertainty.
Set guidelines and a streamlined underwriting process make closings happen swiftly. As fast as 48 hours
Correspondent lending gives us the ability to bring wholesale rates to the consumer
Start with some basic info about your assets, credit profile, income. As a result – amount to borrow and the rate
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