Finance
A balloon mortgage in Virginia is characterized by:
APayments that increase gradually over the loan term
BA large lump-sum payment due at the end of a relatively short loan term✓ Correct
CAn interest rate that adjusts annually
DPayments that are less than the interest accruing on the loan
Explanation
A balloon mortgage has regular (often lower) payments during the loan term, with a large 'balloon' payment of the remaining principal due at the end of the term (typically 5–7 years).
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