In loan terminology a "balloon" is the unpaid loan balance that must be paid in full on a specified due date. Federal savings and loan associations are permitted to make balloon mortgages with as little as five percent down and monthly payments that are smaller than the amount needed to fully amortize the debt. On the due date, which may be only a few years after the loan was made, the balance must be paid off or the loan must be renegotiated. Balloon borrowers must be cautious and plan carefully to avoid overlooking balloon payment obligations. It is easy to be lulled into complacency by the easy monthly payment terms.

Today's complex economics have produced a wide variety of options for potential borrowers, who are often surprised by how much house they can afford to buy. Loan approval is ultimately in the lender's hands, but your real estate agent can help you to determine your real buying power.

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Michele Safford
Coldwell Banker Weir Manuel
41860 Six Mile Rd
Northville, MI 48168
248-675-1245
sold@michelesafford.com

Michele is a licensed Realtor with seventeen years of experience in real estate. Her primary areas of expertise are working with sellers and buyers and both family and corporate relocation. She is familiar with Metro Detroit and the Southeastern Michigan counties of Wayne, Oakland, Livingston and Washtenaw. In addition to her real estate license, Michele received her Bachelors degree from Michigan State University and her Masters degree from Oakland University, both in the field of education. She has taught all areas of special education, mentally, emotionally and learning disabled children. She has worked as a Vocational School Presenter. She resides in Northville and has four grown children.

For the last three years Michele Safford has remained the #1 Agent in the Coldwell Banker Schweitzer Northville office. She consistently stays on top of the market trends and has been working with a business coach for several years. With the constantly changing market sellers and buyers need to hire the best real estate expert in the industry. Call 248.675.1245 or email sold@michelesafford.com to meet all your real estate needs.

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