Question by reni768: Can you do a balloon payment on a mortgage and what are the consequences?
Me & my husband are looking to buy but I was wondering if you could do a balloon payment or something on a mortgage so that your payments would not be so much from the start? I know at sometime in the next 5 – 10 years we would refinance and could probably get rid of the balloon payment but Im not sure how all that works. We have never bought a house so all of this stuff sort of scares me. Any suggestions??
Answer by go_lc_bears
I highly recommend buying a house you can afford with a regular fixed rate mortgage. Anything else is only going to lead to trouble.
What do you think? Answer below!