Mortgages Quizzes-What type of mortgage can have

Answer to Quiz

What type of mortgage can have a large final payment due?

Answer: (c), balloon mortgage
A "balloon mortgage" is a mortgage loan with periodic payments of principal and interest that do not fully amortize the loan. The balance of the loan is then due in a lump sum (a "balloon amount") at the end of the term of the loan. See "Amortization" and "Balloon Payment".

Next Quiz:

The governmental sponsored entity that buys mortgages from lenders is:

(a) SBA
(b) FDIC
(c) Fannie Mae
(d) FHLB

Word of the Day

S-3 Filing

An "S-3 filing" is a filing by a company with the SEC, and is one of the most...

S-3 Filing

Newsletter