Prepaid mortgage loans are sometimes used in the most serious of situations like, job loss or medical illness or construction mortgage draws. When someone either loses work or loses the ability to work for a period of time what can they do. Many people have come to us asking for a prepaid mortgage or a balloon mortgage to help them get through a difficult time or complete a project on their home.
Prepaid mortgage loans are a type of mortgage where the client borrows money to have and additional money to make the payments for this money. These are usually a 2nd Mortgage in the Private Mortgage market due to the fact that client would not qualify under the traditional banking rules.
A Balloon Mortgage is similar to a prepaid mortgage but instead of borrowing the payments the payments are allowed to accrue over the term of the mortgage, usually one year terms.
If a prepaid mortgage or balloon mortgage is something you think you require, please contact one of our mortgage professionals today.
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