Short-Term Home Loans
Get your house in order
Fixed-rate & Balloon Mortgage Options
Whether you’re close to retiring, looking to remodel, or just wanting to get out of debt, a short-term mortgage from Deseret First may be the service you need!
- pay off your home quicker
- can be used as a first mortgage, refinancing, remodel, and more
|5-Year Fixed Rate||3.75%||3.75%|
|6-Year Balloon (30-year Amortization)||4.375%||4.375%|
|10-Year Fixed Rate||4.00%||4.00%|
The annual percentage rates (APRs) listed above represent our best available rates. Your individual rate may be higher depending upon your creditworthiness. Offer subject to change. OAC. Additional products and rates are listed here.
What’s a balloon loan?
A balloon loan is unique in a few different ways. With the more common fixed payment loan, you only have one term. A balloon loan has 2 terms, the amortization and the balloon term. The payment is calculated on the amortization term and the due date is calculated on the balloon term. At Deseret First, we offer a 6-year term with either 15 or 30-year amortization. Once the initial term is up, your remaining “balloon payment” is due. It’s like getting you the best of both worlds! Lower monthly payments and shorter terms.