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Resources > Glossary > Balloon Payment

Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.

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Common Terms 1   Common Terms 2

Balloon Payment

Phonetics: bal·loon pay·ment    \bə-'lün\    \'pā-mənt\

Function: noun

Definition 1:
A balloon payment is the final lump sum payment that is made at the maturity date of a balloon mortgage. To make a balloon payment, many borrowers might refinance or sell another asset to be able to make such a payment.

Thesaurus / Related Terms
Balloon Mortgage