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Can you show me where the definition of a balloon loan is in REG Z or RESPA? I once knew where it was, but I’m having trouble finding it. I’m needing it to clear up the differnce in a balloon payment note that has an ammortization schedule, and a 12 month interest only “temporary” loan.
Also, if the loan is to purchase a residential property, but secured by a CD and an otherwise existing property (primary residence), with the intent the property being purchased will be the primary residence as soon as the existing is sold…isn’t that a “bridge” loan?
Getting pretty cloudy here…. 😳
Thanks!
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