Meaning of “balloon mortgage” in the English Dictionary

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"balloon mortgage" in Business English

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balloon mortgagenoun [ C ]


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)