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Case in point, the loan I referenced above (20 year amortization/6 year term) means that payments are based on the 20 year amortization schedule, however the loan is "up" a 6 years, meaning either a balloon payment is due or I have to refinance before that. 3 – Rate.
Best Answer: 20 Year amortization means that your payments are figured as if you would be paying off the loan with interest over 20 years. 5 .” 5. pre-what? Get pre-approved. Don’t confuse “pre-qualified”.
A $500,000 NECB existing loan for a 5 year arm, 15 year balloon, 25 year amortization schedule on a 7 unit mixed-use, 5 story walk-up in New York, NY. North East Community Bank (NECB) 142–renewability, costs and modifications–into account in making amortization decisions.