Can We make Balloon Payments in mortgage?

Mortgage loans especially home loans, are long term loans and that required very consistency in paying off. It is the wish of every borrower to settled the loan amount as early as possible and for that purpose, borrower doesn’t wait when he/she saved /acquired the funds. But question is that whether we can  make balloon payments in mortgage?

The answer of this question is very simple and that also base on your understanding that whether you know the terms and conditions of your mortgage. There are several lenders and mortgage loan types that allow extra payments towards mortgage. but on the other hand some lenders tries to discourage the borrower by imposing early payment penalties. so i would suggest you to read your mortgage loan terms and conditions before asking this question.

Balloon payment in mortgage is possible by the means of mortgage modification. Through that process you can negotiate your lender for allowing you making balloon payment in mortgage. Other way is to go for refinance. In refinance, you can adjust principal by accepting lower amount of loan from other lender.