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Balloon Mortgages
Thinking of purchasing a home, but don't plan to be there very long? Did you know that the average mortgage only lasts about 7 years? On average, homeowners will transfer their mortgage, refinance, or sell their home and move every 7 years. L&N Federal Credit Union has a program designed with that in mind. Our Balloon Mortgage allows you to take advantage of lower monthly payments by amortizing the amount you finance over 30 years with a lump-sum amount due at the end of 7 years. You get all the advantages of having the used portion of your mortgage financed over 30 years. But don't fret! There is a Conditional Refinancing Option at the end of your term if you decide you stay in the home. This loan is perfect for those homeowners planning to stay in a home a short period and then selling or those who might benefit from lower payments in the early portion of the loan.

These loans could be subject to an origination fee, and a max loan-to-value of 90%.

Contact our Real Estate Department today at (800) 292-2905 or (502) 368-5858. Or, email us at realestate@lnfcu.com.