Question：

The type of residential mortgage least likely to contain a "balloon" payment is a(n): 
A. fully amortizing mortgage. 
B. interest-only mortgage. 
C. partially amortizing mortgage. 

Answer = A 
A fully amortizing mortgage is least likely to contain a balloon payment because the sum of all the scheduled principal repayments during the mortgage's life is such that when the last mortgage  payment is made the loan is paid in full. 

CFA Level I 
"Introduction to Asset-Backed Securities", Frank J. Fabozzi 
Section 4.3 

 

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