Balloon Mortgage: A mortgage that typically offers low rates for an initial period of time (usually 5, 7, or 10) years; after that time period elapses, the balance is due or is refinanced by the borrower.
Debt Consolidation using a Home Equity Line of Credit Using a home equity line of credit (HELOC) to pay for your debt is a well known approach to solving one's debt problems. Find out what are the exact terms, advantages and disadvantages of a HELOC loan.