A mortgage loan with a balloon payment. Typically, the balloon payment is due 10 or 15 years after the loan is made. American Banker Glossary
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balloon mortgage UK US noun [C] FINANCE
► a type of mortgage (= loan to buy property) where the person or company borrowing has to pay a large amount at the end of the loan period: »
The city generally issued balloon mortgages that were rarely repaid at the end of their 30-year terms.
Financial and business terms. 2012.