That’s a fair point—balloon mortgages can be risky if things don’t go as planned. I’ve seen folks get caught off guard when their exit strategy falls through, especially if the market shift...
I get what you mean about surprises—fixed-rate loans seem straightforward, but I’ve actually seen lenders offer pretty generous recast options after a big principal payment. Not advertised much, but it helped a friend lower monthly payments without refinancing. Ever notice how some lenders are more flexible with early payoffs or waiving fees if you ask? Makes me wonder if folks overlook those details when comparing to balloon terms...
Honestly, I’m with you on being cautious. I looked at balloon mortgages for a hot minute, but the thought of scrambling for a big lump sum at the end just stressed me out. My aunt actually managed to get her fixed-rate loan recast after selling her old place and putting down a chunk—her payments dropped way more than she expected. Didn’t even know recasting was a thing until then. It’s wild how some options don’t get mentioned unless you dig or ask around... Makes me feel better sticking with something predictable, even if it’s not the flashiest deal.
