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sheoduttparvat · Joined: 18 Feb 2007 Posts: 1 1.32 Dollars($)

what is a baloon mortgage?,what is an open ended mortgage?, what is amortization?,

wablola · Posted: Sun Feb 18, 2007 2:56 pm Post subject:

Hello sheoduttparvat,

Welcome to the forum. A good link to get an idea about types of mortgages can be found in the GUIDE link above.

Below I pasted a link of the those different types of mortgages and explains what you are looking for.

http://www.mortgagefit.com/frm.html

Hope the information I provided you helps out.

Thanks!!

wablola · Posted: Sun Feb 18, 2007 2:58 pm Post subject:

Hello,

Below is a link to what is amortization.

http://www.mortgagefit.com/mortgage-amortization.html

Thanks,

wablola · Posted: Sun Feb 18, 2007 3:04 pm Post subject: Open Ended Mortgages?

From what I researched, Open Ended Mortgages are as follows:

jameshogg · Posted: Sun Feb 18, 2007 10:00 pm Post subject: RE: balloon mortgage

Hi Sheoduttparvat,

Welcome to forums.

Balloon mortgage is a short term fixed rate loan program on which you pay monthly installments for a period of 5 to 7 years. The monthly installments are based on what one can pay for a 30 year fixed rate loan on a monthly basis.

The remaining debt has to be paid at the end of the 5 or 7 year period. But you can also pay off the unpaid debt by refinancing or replacing the existing loan with a new home loan.

Thanks,
James.

helping_user · Posted: Sun Feb 18, 2007 11:17 pm Post subject: RE: open end loan

Hi sheoduttparvat,

An open-end mortgage is a home having a provision that one can borrow additional sum in future. For this, he does not have to refinance or pay extra charges. But in most cases, the borrower cannot take out an additional sum exceeding the original loan amount.

Usually there is a special clause in the loan contract that allows for additional borrowing. For example, the home equity line of credit is a kind of open end mortgage because one can borrow a certain sum limited to a defined credit limit, repay it and borrow again within the defined limit.

Thanks.

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