GreenLeaf Bank Mortgage Options

These are products which are offered with several term options including 10-year, 15-year, 20-year and 30-year
The interest rate is set at the time of closing and remains constant over the entire loan term
Many loans are subject to a 20% down payment, although other loan options may be available
Loans with less than 20% down payment will typically require Private Mortgage Insurance
Borrowers must meet minimum credit requirements in order to be eligible for these products

This is a type of loan that does not fully amortize over its term, meaning the loan will not be paid in full after the 5 years of payments have been made
Thus, a balloon payment is required at the end of the term to repay the remaining principal balance of the loan
Balloon loans can be attractive to short-term borrowers because they typically carry lower interest rates than loans with longer terms
Borrowers must be aware that the balloon payment will pay off the existing balance which could require refinancing, at the risk of a higher interest rate