MORTGAGE EDUCATION
The home buying process can seem intimidating – but it doesn’t need to be. This comprehensive resource guide will walk you through the process step by step, so, when it comes time to put down roots, you can do so with confidence.
Use these quick calculators to compare and contrast various loan options.
- Mortgage Payment Calculator
- Rent or Buy Calculator
- Home Sale Proceeds Calculator
- How Much Home Can I Afford?
- Compare Mortgage Loans
- Adjustable Rate Mortgage Calculator
- Home Refinance Calculator
- Home Closing Costs Calculator
- Debt-to-Income Ratio Calculator
- Calculate Down Payment on a House
- Mortgage Loan Calculator
There are a few differences between a jumbo mortgage and a balloon mortgage such as length of term, interest rates and payment terms.
A jumbo mortgage is a type of home loan used to finance properties that are significantly more expensive than the average home. Jumbo mortgages are generally reserved for affluent buyers who purchase a home worth more than $548,250. On average, interest rates and down payments are higher, and jumbo mortgages are generally paid off in equal monthly payments. They can have 15- to 30-year terms.
Balloon mortgages typically carry lower interest rates and monthly payments than jumbo loans. Unlike a jumbo mortgage, balloon mortgages require borrowers to pay off the remainder of their loan as a lump sum payment at a predefined time, typically toward the end of the term. A balloon mortgage can last from three to 30 years.
There are a few differences between a jumbo mortgage and a balloon mortgage such as length of term, interest rates and payment terms.
A jumbo mortgage is a type of home loan used to finance properties that are significantly more expensive than the average home. Jumbo mortgages are generally reserved for affluent buyers who purchase a home worth more than $548,250. On average, interest rates and down payments are higher, and jumbo mortgages are generally paid off in equal monthly payments. They can have 15- to 30-year terms.
Balloon mortgages typically carry lower interest rates and monthly payments than jumbo loans. Unlike a jumbo mortgage, balloon mortgages require borrowers to pay off the remainder of their loan as a lump sum payment at a predefined time, typically toward the end of the term. A balloon mortgage can last from three to 30 years.
