For many people a Moment Mortgage is the one that helped them secure the home of their dreams when they needed to do so in an emergency. The term "moment" pertains to the length of time you have to repay the loan. The mortgage is usually set for 30 years; however, if you do decide to pay it off early you will be able to renew the loan for up to two more years. With this type of mortgage you are not required to pay interest during the first few years. If you choose the traditional method of paying off your mortgage, you would be required to pay a balloon payment at the end of the term. This would entail paying a lump sum amount towards your mortgage. A lot of people do not want to pay this amount out of pocket, which is why the "moment" method came about. It has been reported that many individuals are turning down the regular payment plan and simply paying off the balloon amount. This allows them to have the same house for less money. Since the loan is set to last fo...
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