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Call Us Today! 800-965-9910
September 06, 2010
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| Balloon mortgage |
| A mortgage which is payable in full after a period that is shorter than the term. It therefore has a balloon that must be repaid or refinanced. On a 7-year balloon loan, for example, the payment is usually calculated over a 30-year period, and the balance at the end of the 7th year must be repaid or refinanced at that time. |
| Biweekly mortgage |
| A mortgage on which the borrower pays half the monthly payment every two weeks. Because this results in 26 (rather than 24) payments per year, the biweekly mortgage amortizes before term. |
| Bridge loan |
| A short-term loan, usually from a bank, that "bridges" the period between the closing date of a home purchase and the closing date of a home sale. To qualify for a bridge loan, the borrower must have a contract to sell the existing house. The Bridge loan allows the borrower to pull some equity out of the existing home to assist with downpayment and settlement charges on the new home. |
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| 11255 Olive Blvd. • St. Louis, MO 63141 • Phone: 314-995-9919 • Toll Free: 800.965.9910 • Fax: 314-995-7133 • Email: info@cornerstonestl.com |
| St. Charles Office • 3449 Pheasant Meadow Dr. Suite 101 • O'Fallon, MO 63368 • Phone: 636.978.8180 • Toll Free: 800.978.9959 • Fax: 636.978.9747 |
| St. Louis South Office • 12300 Old Tesson Rd, Suite 400-E • St. Louis, Mo 63128 • Phone: 314.842.9919 • Toll Free: 877.842.9918 • Fax: 314.842.9897 |
| St. Louis South City • 4643 Gravois Road, St. Louis, MO 63116 • Phone: 314-353-3000 • Fax: 314-352-7292 |
| D/B/A Cornerstone Home Loans, Inc. - in the states of Illinois, California |
| Illinois Residential Mortgage Licensee MB5807 • Illinois Department of Financial and Professional Regulation • 310 South Michigan Ave., Suite 2130 • Chicago, IL 60604 • 312-793-3000 |
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