We closed on our construction loan yesterday. We are about to get going. My source proposed a question to me yesterday that caught me off guard. They offered to do a balloon note that is renewable every 5 years with the same rate as a USDA (3.75). My payment will be relatively the same with no PMI at all. There will be no more closing costs. We just simply roll the loan over and I can opt out at any time to go whatever path I choose in financing. My question is this a good thing to do or no? It would save the closing costs and keep from having to go through underwriting. Any opinions would be greatly appreciated.