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.
Our online banking will be unavailable Thursday afternoon, September 19, until Monday, September 23. If you need assistance during this time, please call us at 662-843-9461.
