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Conventional 7 Year Balloon

Loan Term: 7 years
Max Loan Amount: $417,000

Equity Required:
10% of appraised value
Available for: Owner-occupied primary residence, 1-4 unit properties (you must occupy one of the units)


Loan Features:

Fixed interest rate and monthly payments
Your monthly principal and interest payment will never change until your balloon payment is due in 7 years. Get the peace of mind that you are protected from any future increases in interest rates.

Lower initial interest rate
Generally, balloon loans have a lower interest rate than most fixed rate loans. This low interest rate can help you qualify for a larger loan amount, or you can save money with lower interest payments.

Various rate lock options
We offer a variety of rate lock options to help you achieve the rate you desire. Your personal loan officer can help you choose your most effective rate lock option after you apply for your mortgage.

Consider choosing this loan if:


You want to save money by taking advantage of the low interest rate that a balloon loan provides.


You plan to move or payoff your mortgage within the next 7 years.


You expect to come into a large sum of money by the end of the loan term.

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Other
Balloon Payment Options::
Conventional 7 Year Balloon

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Learn more (key terms and concepts)


Conventional Conforming Loans
Conventional Conforming Loans are loans that conform to national guidelines established by the Federal National Mortgage Association (FNMA or Fannie Mae) or the Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac). These guidelines insure the security of your mortgage and therefore the security of your home.

Maximum Loan Amount
Loan Amounts for conventional loans can vary in size, but can not go over $417,000 for a single-family home. The rest of the loan limits are as follows:


Fixed Rate Loans
 Fixed Rate conventional loans are mortgages with an interest rate that does not vary over the term of the loan. The term of loan can vary in length from 10 to 30 years. If you originally financed your home with an adjustable rate mortgage (ARM), you might refinance to lock in a low fixed rate mortgage today. Why hassle payment adjustments when you can lock in a low interest rate today that protects you from future interest rate increases.
Jumbo Loans
 Jumbo Loans are conventional loans that are larger than conforming loan limits (any loan over $275,000 for a single-family home).



Term Options
 The Loan Term is the number of years it will take to pay the loan back in full. Most commonly, mortgage terms range from 10 to 30 years. For our purposes, we will compare a 15 and a 30 year loan:

30 year loan
15 year loan
Extends principal payments
over 30 yrs.
(lowest payment available)

pay more total interest
when you pay over 30 years


 Extends principal payments
over 15 yrs.
(higher monthly payment)

Pay less total interest
by paying over 15 years

Build equity faster

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All rights reserved. Revised: October 16, 2000.