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Posts tagged "refinancing home"

Balloon Mortgage -- Low Payments, Until the Loan Bursts

Stanzer Knox refinanced his home in 2006 with a 30-year $185,000 mortgage - or so he thought. Mr. Knox soon discovered that he had agreed to pay the mortgage on his Minnesota home within the 30-year period, but he had 40 years' worth of payments to make. At the 30-year point, Mr. Knox would have to make a lump-sum payment of $121,062.58, equal to 120 monthly payments.

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