Examples of Balloon Mortgage Loan in a sentence
Each Balloon Mortgage Loan provides for monthly payments, which generally are based upon a 30 year amortization schedule with a lump sum payment equal to the unpaid principal balance of the Balloon Mortgage Loan on its maturity date (generally 15 years from origination).The ""Final Distribution Date'' for a particular Class is the date by which the principal balance is required to be fully paid and is speciÑed on the cover of this prospectus.
If the Mor tgagor w ere una ble to refina nce a Balloon M ortgage Loan or to sell the relate d Mor tgaged P roper ty and such ina bility to refinance or sell led to a default under the terms of the Balloon Mortgage Loan, the Trust Agreem ent permits the modification or amendm ent of the terms of such Balloon Mortgage Loan, which modification may extend the maturity of the Balloon Mor tgage Loan up to thr ee years.
Each Balloon Mortgage Loan provides for monthly payments, which generally are based upon a 30 year amortization schedule with a lump sum payment equal to the unpaid principal balance of the Balloon Mortgage Loan on its maturity date (generally 15 years from origination).
Seasoning (months), as shown on the Final Mortgage Loan Data File, we recalculated the “Remaining IO Term (months)” of each Mortgage Loan (except for any Amortizing Balloon Mortgage Loan (as defined herein), which are described in the succeeding paragraph(s) of this Item).
For any Amortizing Balloon Mortgage Loan, CoreVest, on behalf of the Depositor, instructed us to use “N/A” for the “Remaining IO Term (months)” characteristic.