Is an amortized balloon mortgage loan a bad idea?

We are trying to use a local credit union and want a 15 year loan. This amortized balloon is what they offer. Just wondering of this is a good idea or should we shop around more?

I had a hard time getting a mortgage because my better half’s credit was not so good so they had to base everything on me. The only type of loan we good get was a loan they called a balloon mortgage. It is fixed for 5 years at 7.25 and we were told we would be able to refinance after a couple of years. What happens if we don’t refinance. Will my monthly payment go alot higher.

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