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Definition of 'Bullet Loan'
Any loan that requires a balloon payment at the end of the term and anticipates that the loan will be refinanced in order to meet the balloon payment obligation.
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Investopedia explains 'Bullet Loan'
These loans are riskier because the homeowner''s equity in the property doesn''t increase over time.
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There are both good and bad reasons to refinance. Learn more about both here.
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Buying a home may be the biggest debt you'll ever incur. Learn why you should retire it sooner, rather than later.
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Search and compare the best fixed and adjustable mortgage rates in your area with Bankrate.com.
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