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| Term |
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Description |
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| Balloon Mortgage |
|
A mortgage loan that requires the remaining principal balance be paid at a specific point in time.
For example, a loan may be amortized as if it would be paid over a thirty year period, but requires
that at the end of the tenth year the entire remaining balance must be paid. |
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| Balloon Payment |
|
This is usually the final installment payment on a mortgage which is greater than the
preceding installments and it normally pays it off. |
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| Bankruptcy |
|
a person who has done any of the acts that by law entitle his creditors to have his estate administered
for their benefit
A person judicially declared subject to having his estate administered under the bankrupt laws
for the benefit of his creditors
A person who becomes insolvent
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| Beneficiary |
|
One entitled to the benefit of a trust;
One who receives profit from an estate, the title of which is vested in a trustee;
The lender on the security of a note and deed of trust.
|
|
| Bill Of Sale |
|
A written document that transfers title to personal property. |
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| Biweekly Mortgage |
|
A mortgage in which you make payments every two weeks instead of once a month. |
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| Blanket Mortgage or Blanket Encumberance |
|
A single mortgage or trust deed which covers more than one parcel of real property. Many
real estate developers take advantage of this form of financing. |
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| Bond Market |
|
Usually refers to the daily buying and selling of thirty year treasury bonds. Lenders follow
this market intensely because as the yields of bonds go up and down, fixed rate mortgages
do approximately the same thing. |
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| Bono Fide |
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In good faith, without fraud or deceit; authentic; sincere. |
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| Breach |
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Violation of an obligation in a contract. |
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| Broker, Real Estate |
|
A real estate broker is an individual, who by law represents a buyer or seller and has a
fiduciary responsibility to act in their best interest. A real estate agent
works for a broker. A broker can also be a real estate agent. |
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| Buydown |
|
Usually refers to a fixed rate mortgage where the interest rate is "bought down" for
a temporary period, usually one to three years. |
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| Buyers Agent |
|
This is a real estate agent who represents the buyer and acts in the buyer’s best interest.
Generally, the buyer pays nothing for a buyer’s agent, but the buyer’s agent is paid from the sale. In
the case of a buyer and seller’s agent, the commission will be split. |
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