WHAT MORTGAGE TO GET IF YOU'RE A TRANSFEREE

There is a very popular loan available that is almost customized for the transferring borrower. It is called a "balloon" mortgage. The loan is amortized for 30 years, and you will get a substantial break on the interest rate if you are willing to let the investor call the entire balance due at a present future date (usually five or seven years).

However, there are safety features included in this type of mortgage. There is guaranteed renewal at the end of five or seven years at the interest rates available at that time. Most of them only guarantee a new loan if you meet certain conditions (like making your payments on time).

If you decide to stay in your home, you can refinance to avoid the future balloon or call on your note.

The interest break you will get for selecting one of these loans can be as much as one full percent (for example, an interest rate of 8.25 percent when fixed interests are higher).