Balloon Loans Pros/Cons

[Randall Hoeber]

I am wondering if anyone with experience or knowledge in this area can comment on the pros and cons of balloon loans.  In negotiating financing for the purchase of financing my first rental, the mortgage that I obtained fits into the balloon category and the research I found suggests that the lender could call in the debt after a period of time.  Is this something I should be concerned about?  Should I look at refinancing in order to escape the balloon?