Balloon Loans definition

Balloon Loans. No Mortgage Loan is a balloon loan.
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Balloon Loans. Home Equity Loans having scheduled amortization based on a longer remaining term than the actual remaining term, with the result that a relatively large principal amount is due on the final scheduled due date (i.e., "30 due in 10").
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Balloon Loans. 12. Largest Principal Balance: $______ 13. Non-owner occupied Mortgaged Properties: ______% 14. Maximum zip code concentration: ______% 15. Condominiums: ______% 16. Single-family: ______% 17. Multifamily and Mixed Use Properties: ______% AFC MORTGAGE LOAN ASSET BACKED CERTIFICATES, SERIES 1997-2 ATTACHMENT A TO SUBSEQUENT TRANSFER INSTRUMENT FOR SUB-POOL 2 Series 1997-2 July 22, 1997
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Examples of Balloon Loans in a sentence

  • The amortization of each Mortgage Loan must reduce to zero, or as to Balloon Loans, the respective Balloon Amount, at the end of the Mortgage Loan term through the application of regular monthly payments.

  • The Mortgage Loans have an original term to maturity of not more than 30 years (except with respect to certain Balloon Loans or Interest Only Mortgage Loans), with interest payable in arrears on the first day of each month.

  • Each Mortgage Loan is payable in equal monthly installments of principal and interest, with interest calculated and payable in arrears, sufficient (except with respect to Balloon Loans and Interest Only Mortgage Loans) to amortize the Mortgage Loan fully by the stated maturity date set for in the Mortgage Note over an original term to maturity of not more than thirty (30) years.

  • At maturity with respect to Balloon Loans or at the ARD in the case of ARD Loans.

  • Each Servicer shall be entitled to reimbursement for Delinquency Advances from late collections, Liquidation Proceeds or otherwise with respect to collections on the Mortgage Loan (including Balloon Loans) with respect to which such Delinquency Advance was made.

  • In August 2022, $650,000 of the Convertible Balloon Loans were extended and now are due and payable in full on the second anniversary of the execution date and bear interest at 10% per annum.

  • If the Mortgage Loan is a Balloon Loan, it, together with the other Purchased Mortgage Loans which are Balloon Loans subject to Transactions, constitutes less than 10% of the aggregate outstanding Repurchase Price of all Purchased Mortgage Loans subject to Transactions.

  • Each Mortgage Loan is payable in equal monthly installments of principal and interest, with interest calculated and payable in arrears, sufficient (except with respect to Balloon Loans) to amortize the Mortgage Loan fully by the stated maturity date set for in the Mortgage Note over an original term to maturity of not more than thirty (30) years.

  • Each Mortgage Loan is payable in equal monthly installments of principal and interest, with interest calculated and payable in arrears, sufficient (except with respect to Balloon Loans) to amortize the Mortgage Loan fully by the stated maturity date set for in the Mortgage Note over an original term to maturity of not more than 30 years.

  • Approximately ____% of the Initial Pool IV Loans (by Cut-off Date Principal Balance) are Balloon Loans.


More Definitions of Balloon Loans

Balloon Loans. Those Mortgage Loans listed on Schedule II of the Mortgage Loan Purchase Agreement.
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Balloon Loans. 12. Largest Principal Balance: $__________ 13. Non-owner occupied Mortgaged Properties: ____% 14. Maximum zip code concentration: ____% 15. Condominiums: ____% 16. Single-family: _____% 17. Multifamily and Mixed Use Properties: ____% ADDITION NOTICE Date: February 5, 1997 LaSalle National Bank 000 Xxxxx XxXxxxx Xxxxxx Xxxxxxx, Xxxxxxxx 00000 Re: Pooling and Servicing Agreement, dated as of December 1, 1996, between Superior Bank FSB, as seller (the "Depositor"), LaSalle National Bank as trustee (the "Trustee") and Xxx Xxxxxxxxx Company, a division of the Depositor, as servicer, relating to AFC Mortgage Loan Asset Backed Certificates, Series 1996-4 Sub-Pool 1 Ladies and Gentlemen: Pursuant to Section 2.10 of the above-captioned Pooling and Servicing Agreement, the Depositor has designated the Subsequent Mortgage Loans to be sold to the Trust Fund on February 5, 1997, with an aggregate principal balance of $4,000,000.00*. Capitalized terms not otherwise defined herein have the meaning set forth in the Pooling and Servicing Agreement. Please acknowledge your receipt of this notice by countersigning the enclosed copy in the space indicated below and returning it to the attention of the undersigned. Very truly yours, *Approximate SUPERIOR BANK FSB By:/s/ Xxxx Xxxxxxxxx -------------------------- Name: Xxxx X. Xxxxxxxxx Title: Vice President ACKNOWLEDGED AND AGREED: LASALLE NATIONAL BANK By:/s/ Xxxxxxx Xxxx --------------------- Name: Xxxxxxx Xxxx Title: Vice President Date: February 5, 1997 OFFICER'S CERTIFICATE I, Xxxxxxx Xxxxxxx hereby certify that I am the duly elected Senior Vice President and Chief Financial Officer of Superior Bank FSB, a federally chartered stock savings bank (the "Depositor"), and further, to the best of my knowledge and after due inquiry, as follows: Each condition precedent specified in Section 2.10(b), Section 2.10(c) and Section 2.10(d) for the Subsequent Mortgage Loans of the Pooling and Servicing Agreement, dated as of December 1, 1996, among the Depositor, Xxx Xxxxxxxxx Company, a division of Superior Bank FSB, and LaSalle National Bank, as Trustee (the "Pooling and Servicing Agreement") and each condition precedent specified in Subsequent Transfer Instrument has been satisfied by the Depositor. Capitalized terms not otherwise defined herein have the meanings set forth in the Pooling and Servicing Agreement.
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Balloon Loans. Any Mortgage Loan that provided on the date of origination for scheduled monthly payment in level amounts substantially lower than the amount of the final scheduled payment.
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Balloon Loans. Mortgage Loans with level monthly payments of principal and interest based on an amortization schedule, not to exceed 50 years, and having original and modified terms to maturity shorter than the term of the related amortization schedule.
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Balloon Loans. Any Mortgage Loan that provided for monthly payments which would not be sufficient to fully amortize its Principal Balance on the related maturity date.]
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Related to Balloon Loans

  • Balloon Loan Any Mortgage Loan which, by its terms, does not fully amortize the principal balance thereof by its stated maturity and thus requires a payment at the stated maturity larger than the monthly payments due thereunder.

  • Balloon means a non-power-driven lighter-than-air aircraft;

  • Balloon Payments means with respect to any loan constituting Indebtedness, any required principal payment of such loan which is payable at the maturity of such Indebtedness, provided, however, that the final payment of a fully amortized loan shall not constitute a Balloon Payment.

  • Refinanced Loans has the meaning specified in Section 10.01.

  • Second Lien Loans means the “Loans” as defined in the Second Lien Credit Agreement and shall, for the avoidance of doubt, include Incremental Second Lien Loans.

  • First Lien Loans means the loans made under the First Lien Credit Agreement.

  • Lender PMI Loans Mortgage Loans with respect to which the lender rather than the borrower acquired the primary mortgage guaranty insurance and charged the related borrower an interest premium.

  • Other Loans means one or more Classes of Loans that result from a Refinancing Amendment or a Loan Modification Agreement.

  • Balloon Payment shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the Servicing Agreement.

  • Loans means the loans made by the Lenders to the Borrower pursuant to this Agreement.

  • Principal Prepayment Any payment of principal or other recovery on a Mortgage Loan, including a recovery that takes the form of Liquidation Proceeds or Insurance Proceeds, which is received in advance of its scheduled Due Date and is not accompanied by an amount as to interest representing scheduled interest on such payment due on any date or dates in any month or months subsequent to the month of prepayment.

  • Existing Loans shall have the meaning assigned to such term in Section 2.21(a).

  • Buydown Loan A Mortgage Loan for which the Mortgage Interest Rate has been subsidized through a Buydown Fund provided at the time of origination of such Mortgage Loan.

  • Total Loans at any time, the aggregate principal amount of the Loans of the Lenders outstanding at such time (after converting the outstanding principal amount of any Loans denominated in the Optional Currency into the Dollar Equivalent thereof at such time).

  • or "Loans means and includes without limitation any and all commercial loans and financial accommodations from Lender to Borrower, whether now or hereafter existing, and however evidenced, including without limitation those loans and financial accommodations described herein or described on any exhibit or schedule attached to this Agreement from time to time.

  • Balloon Mortgage Loan A Mortgage Loan that provides for the payment of the unamortized principal balance of such Mortgage Loan in a single payment at the maturity of such Mortgage Loan that is substantially greater than the preceding monthly payment.

  • Loan or Loans means, as the context may require, Revolving Loans and/or Swing Line Loans.

  • Delinquent Loans means loans where the borrowers have failed to make scheduled mortgage payments under the terms of the mortgage and where the cumulative amount of mortgage payments missed exceeds the scheduled payments due in a three-month period.

  • Principal Prepayment Period The month preceding the month in which the related Remittance Date occurs.

  • Term Loans means, collectively, the Tranche A Term Loans and the Tranche B Term Loans.

  • Refinancing Loans means any Refinancing Term Loans or Refinancing Revolving Loans.

  • Permitted Prepayment Date means the Business Day after the second (2nd) anniversary of the first Payment Date

  • Second Lien Loan A Mortgage Loan secured by a second lien Mortgage on the related Mortgaged Property.

  • Subordinate Prepayment Percentage As to any Distribution Date and Loan Group, 100% minus the Senior Prepayment Percentage for such Loan Group for such Distribution Date.

  • ABL Loans means the “Loans” as defined in the ABL Credit Agreement.

  • Group I Loans The Mortgage Loans designated on the Mortgage Loan Schedule as Group I Loans.