A balloon mortgage is a popular financing solution where individual payments are not amortized throughout the duration of the loan. LOAN APPLICATION Fill out at the above website upon notice from SLC ED Division to proceed.Log in to your account online to make a payment, check your loan balance and more. Our Loan Servicing team is always happy to assist you. There are no penalties to paying off a balloon mortgage loan before it is due. Borrowers may refinance at any time during the life of the loan.