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re: 5yr. Balloon Loan w/ 10yr. Amort. (Any hidden things I should worry about?)
Posted on 8/16/16 at 6:28 pm to TheWiz
Posted on 8/16/16 at 6:28 pm to TheWiz
quote:
TL;DR are there any problems I should expect to encounter with a balloon note, assuming my wife and I have very secure jobs?
I think the bank gives you an option to refi before the balloon payment. One of my properties is a 5 year fixed with balloon payment due next may. I'm probably going to refi to a 10 year amort.
Posted on 8/18/16 at 6:31 pm to PeteRose
Sometimes they do. Sometimes they don't. I don't assume that it's guaranteed. The bank holds the cards in a case like this. If market or economic conditions drastically change, that refi option may not be there. On commercial real estate loans, I've always tried to have another lender lined up well before the balloon date. Unless the loan is tied to an asset that I can liquidate, I'm a little shy about doing them these days. But hopefully this fellow's plan works out and he'll have it paid off by or before the balloon date.
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