In loan terminology a "balloon" is the unpaid loan balance that must be paid in full on a specified due date. Federal savings and loan associations are permitted to make balloon mortgages with as little as five percent down and monthly payments that are smaller than the amount needed to fully amortize the debt. On the due date, which may be only a few years after the loan was made, the balance must be paid off or the loan must be renegotiated. Balloon borrowers must be cautious and plan carefully to avoid overlooking balloon payment obligations. It is easy to be lulled into complacency by the easy monthly payment terms.

Today's complex economics have produced a wide variety of options for potential borrowers, who are often surprised by how much house they can afford to buy. Loan approval is ultimately in the lender's hands, but your real estate agent can help you to determine your real buying power.

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Kathy Justice
ResortQuest Real Estate
14620 Perdido Key Drive
Perdido Key, FL 32507
Direct Line: 850-712-4631
Fax: 866-561-1936
kathyjustice@NUMBER1EXPERT.com
kjustice@resortquest.com

Kathy is a leading real estate expert in Perdido Key, Florida whose exceptional market knowledge and genuine care for customer service catapolted her to #1 Volume Agent in Perdido Key in 2007 & 2008. "I don't view myself as a salesperson; I'm more of a teacher. I enjoy the process of educating people and providing them with the information they need to make the best decisions for themselves and their families." Kathy is more than an accomplished Realtor, she is also a Mechanical Engineer whose name appears on an international patent, a competitive athelete, and a spiritual woman whose faith is at the center of her achievements. Top-notch customer service is at the foundation of Kathy's business and she tailors her work to each client's specific needs. "I appreciate the opportunity to serve my customers and look forward to sharing the many wonderful opportunities in Perdido Key!"

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