Dear Maine Consumers,
Balloon Payment: A balloon payment is a large, final payment due at the end (last payment) of a loan’s term. Bi-Weekly Mortgage: A bi-weekly mortgage loan requires payments every 14 days. Example: If a borrower's monthly mortgage payment was $1,000, in a bi-weekly format, he or she would pay $500 every two weeks (the equivalent of 26 half ... ................
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