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Other Mortgage Types

Balloon Loans

One type of mortgage, known as a balloon loan, appears at first blush to be somewhat like a hybrid loan. The interest rate is fixed, for example, for five, seven, or ten years. However, at the end of this time period, the entire loan balance becomes due.

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Hybrid Loans

Hybrid loans or what lenders sometimes call intermediate ARMs start out like a fixed-rate loan (the initial rate may be fixed for three, five, seven, or even ten years) and then the loan converts into an ARM, adjusting every 6 to 12 months thereafter.

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