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English definition of “balloon mortgage”

balloon mortgage

noun [C]
 
 
FINANCE
a type of mortgage (= loan to buy property) where the person or company borrowing has to pay a large amount at the end of the loan period: The city generally issued balloon mortgages that were rarely repaid at the end of their 30-year terms.
(Definition of balloon mortgage from the Cambridge Business English Dictionary © Cambridge University Press)
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