Balloon loans have a short-term maturity but can be amortized for a longer term. Typically if the borrower has paid the loan as agreed, the loan can be renewed at maturity. The interest rate is fixed for the balloon term, however when the loan is renewed the interest will change to the present rate. Most balloon terms are 5 years.
All of our branches will be closed Monday, January 20, in observance of Martin Luther King, Jr. Day. We will resume regular business hours Tuesday, January 21.
