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balloon payment
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balloon payment

  a very large, final payment of the unpaid balance of a loan; required by "balloon loans"
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balloon payment balloon loan
Strongly Associated with:   fully amortized loan
Loans requiring a balloon payment increase the risk to the borrower. The borrower may not have enough money to make the final payment and refinancing may be expensive or even impossible.  Conversely, loans permitting balloon payments are an advantage to the borrower. Balloon loans are in contrast to fully amortized loans.
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Associated words [difficulty]:   balloon payment , mortgage [2] , adjustable rate loan [9] , home equity [9]
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Most commonly used in these subjects:   Personal Finance, Business, Law
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