The Balloon Mortgage Rider (Conditional Right to Refinance) grants the borrower the right to obtain a new loan at the maturity date of the Note and current mortgage.
- Once it's been signed, the Rider forms a part of the mortgage, deed of trust or security deed.
- In order to get the refinancing approved, the borrower must still own the property and must be current in all monthly payments.
- The Rider also describes how the new interest rate and payment amount will be determined.
- This Rider is for mortgages on single-family homes.
Free Fannie Mae/Freddie Mac Form 3180 USA Multistate Balloon Mortgage Rider
is a free MS Word download from freddiemac.com
Last Updated: 14-April-2016