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When the grace period ends, near or at the end of the loan's term, the payments "balloon" and the homeowner must pay the full sum of the loan, plus any accrued interest. * Variable rate: Variable interest rates rise and fall with the market, usually closely tracking an external interest rate. Mortgage loans with variable rates usually have monthly payments that are the external interest rate plus a set number of interest points. Variable rate loans are good for taking advantage of expected drops in the interest rate, especially when rates are high when the loan is taken out. To make variable rate loans even more attractive, many have a feature in which the homeowner can choose to convert the loan from a variable to a fixed rate loan to lock in especially low interest rates when rates fall.