Fixed-rate mortgages are available for 30 years, 20 years, 15 years and even 10 years. There are also "bi-weekly" balloon mortgage paymentss, which shorten the loan by calling for half the monthly payment every two weeks. Balloon loans are short term balloon mortgage paymentss that have some features of a fixed rate mortgage. Fixed Rate Mortgages : The most common type of balloon mortgage paymentss program where your monthly payments for interest and principal never change. The loans provide a level payment feature during the term of the loan, but as opposed to the 30 year fixed rate mortgage, balloon loans do not fully amortize over the original term. Property taxes and homeowners insurance may increase, but generally your monthly payments will be very stable. Balloon loans can have many types of maturities, but most balloons that are first mortgages have a term of 5 to 7 years..

If you have a balloon mortgage with a lump sum payment due in the near future, consider refinancing if you are comfortable with the current rate environment.. Is mortgage refinancing right for you? Get our balloon mortgage paymentss on refinancing. If you have been living in your home for a while, it might be the right time to consider refinancing your mortgage. Generally, if your closing expenses can be recovered within the first 30 months of the new loan, mortgage refinancing is probably a good idea. There are many good reasons to consider refinancing, including lowering your interest rate, consolidating your bills, shortening your loan term, switching from an adjustable to a fixed rate or taking advantage of your home's equity.