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Mortgage Glossary

Below is an A-Z glossary of general terms used within the mortgage industry. Click on any term to view a detailed explanation. Use the alphabet below to navigate quickly to a term beginning with:

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Balloon Mortgage

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The term balloon mortgage refers to a mortgage that has a term in it that requires the mortgage to be paid off in full, or refinanced at an earlier point. For example, monthly payments are calculated on the basis of a 25 year mortgage, but there is a requirement to pay the entire amount off at an earlier set point. This may be useful for those who do not want to be tied to a mortgage on a long-term basis.

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