A summary of the property's title history. Based on information found in public records, it is used to list the property's transfers of ownership, and to determine if there are any liens or defects that must be cleared before the sale.
READ MOREA short-term loan that is paid off through fixed monthly payments, followed by one large, final payment (the 'balloon') of the entire remaining loan balance. The balloon mortgage is amortized as though it were a long-term fixed rate loan, resulting in low monthly payments, but after a specified time period (usually five, seven or 10 years) the entire remaining balance is due and payable in full.
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