Balloon Mortgage
Need a short-term, fixed-rate loan that begins with low, fixed payments? A Balloon Mortgage from Michigan Schools and Government Credit Union may be a good fit if you plan to live in your home for only a few years and want to keep your housing costs low. This could be your answer to setting your finances right. A Balloon Mortgage features:
- A low, fixed rate for 7 or 10 years
- A lower interest rate (generally) than a fully amortizing fixed-rate mortgage
- Loans up to $750,000**
- No prepayment penalty
Call to speak with one of our Mortgage Specialists today and request a free analysis of your situation.
**Jumbo pricing may apply for loans greater than $417,000.
| Balloon Mortgage — 30-Year Amortization | |||
| Term | Rates as low as | Points | APR* |
| 7 Year Balloon | 5.250% | 0.25% | 5.310% |
| 10 Year Balloon | 5.375% | 0.25% | 5.422% |
| Example: A loan amount of $150,000 at 5.25% for 360 months would have a monthly payment of $828.31. | |||
| *APR = Annual Percentage Rate | |||
