These mortgages offer low, fixed rate payments as though the mortgage was a thirty-year term. But instead, the loan has a fairly short term — for example, five to seven years — and then ends with a single large payment (called a "balloon payment") for all the remaining principle. It can be a good choice if you know you'll only be in your home for a short time.

There are other special kinds of mortgages available now that help achieve specific goals. Ask your mortgage lender or Realtor® for more information about your options.