Naperville and Aurora real estate and homes for sale in Illinois, Towne Homes, Condos/Condominiums - Steve Malik and The Malik Team, REALTORS® Steve Malik and The Malik Team REALTORS(r) for Naperville and Aurora, Illinois, Towne Homes, Condos/Condominiums real estate - NUMBER1EXPERTS™ Steve Malik and The Malik Team NUMBER1EXPERTS(tm) for Naperville and Aurora, Illinois, Towne Homes, Condos/Condominiums real estate
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Steve Malik and The Malik Team, REALTORŪ, real estate agents and broker for Naperville and Aurora Illinois home listings, property and land for sale - NUMBER1EXPERT(tm)
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Real Estate Tips
Financing Your Home >Balloon Mortgages

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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Real Estate Trivia
Q 
Where are the highest median price homes in the United States currently located?

A 
According to the NAR, the highest median price in the second quarter of 2005 was $726,900 for homes in California's San Francisco Bay area.
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Steve Malik and The Malik Team, REALTORŪ, real estate agents and broker for Naperville and Aurora Illinois home listings, property and land for sale - NUMBER1EXPERT(tm)

Steve Malik and The Malik Team
RE/MAX

1600 Pebblewood Lane
Naperville
Il 60563
630-420-2002 x351
630-778-0160
Fax: 630-778-0168
SteveMalik@NUMBER1EXPERT.com

Ranked 16th out of 3200 Illinois real estate agents for 2004. The Malik Team will provide the highest level of professional service for all your real estate needs.


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