Balloon Mortgage Loan definition

Balloon Mortgage Loan. A Mortgage Loan that provides for the payment of the unamortized principal balance of such Mortgage Loan in a single payment at the maturity of such Mortgage Loan that is substantially greater than the preceding monthly payment.
Balloon Mortgage Loan. Any Mortgage Loan having an original term to maturity that is shorter than its amortization schedule, and a final Scheduled Payment that is disproportionately large in comparison to other Scheduled Payments.
Balloon Mortgage Loan. Any Mortgage Loan which by its original terms or any modifications thereof provides for amortization beyond its scheduled maturity date.

Examples of Balloon Mortgage Loan in a sentence

  • The contractor’s role is to identify premises that require an effluent licence, advise the operator on best management practices, and inspect the premises four times a year to ensure compliance with licence conditions.At the same time, in using third-party compliance monitoring there is a risk that the third party’s discretionary judgements on the extent of compliance may diverge considerably from those of the competent government authority.

  • No Balloon Mortgage Loan has an original stated maturity of less than seven (7) years.

  • With respect to any balloon payment on a Balloon Mortgage Loan, the Servicer shall only be obligated to advance the assumed monthly payment that would have been due on the related Due Date based on the original principal amortization schedule for such Balloon Mortgage Loan with interest at the Mortgage Rate net of the Servicing Fee Rate.

  • With respect to each Balloon Mortgage Loan, the Mortgage Note requires a monthly payment which is sufficient to fully amortize the original principal balance over the original term thereof and to pay interest at the related Mortgage Interest Rate and requires a final Monthly Payment substantially greater than the preceding monthly payment which is sufficient to repay the remaining unpaid principal balance of the Balloon Mortgage Loan as of the Due Date of such Monthly Payment.

  • For any Amortizing Balloon Mortgage Loan, CoreVest, on behalf of the Depositor, instructed us to use “N/A” for the “Remaining IO Term (months)” characteristic.


More Definitions of Balloon Mortgage Loan

Balloon Mortgage Loan. Any Mortgage Loan or Companion Loan that by its original terms or by virtue of any modification entered into as of the Closing Date provides for an amortization schedule for such Mortgage Loan extending beyond its Maturity Date.
Balloon Mortgage Loan. Any Mortgage Loan (a) that requires only payments of interest until the stated maturity date of the Mortgage Loan or (b) for which Monthly Payments of principal (not including the payment due on its stated maturity date) are based on an amortization schedule that would be insufficient to fully amortize the principal thereof by the stated maturity date of the Mortgage Loan.
Balloon Mortgage Loan. Any Mortgage Loan or Loan Combination that by its original terms or by virtue of any modification entered into as of the Closing Date (or, in the case of a Replacement Mortgage Loan, as of the related date of substitution) provides for an amortization schedule extending beyond its Stated Maturity Date and as to which, in accordance with such terms, the Monthly Payment due on its Stated Maturity Date is at least 5% of the original principal balance of such Mortgage Loan or Loan Combination.
Balloon Mortgage Loan. A Mortgage Loan that provided on the date of origination for monthly payments up to but not including the maturity date based on an amortization extending beyond its maturity date.
Balloon Mortgage Loan. Any Mortgage Loan wherein the Mortgage Note matures prior to full amortization and requires a final and accelerated payment of principal.
Balloon Mortgage Loan means a Mortgage Loan that is a Balloon Loan.
Balloon Mortgage Loan. Not applicable.