Mortgage Dictionary for words that start with letter B
balance sheet - A financial statement that shows assets, liabilities, and net worth as of a specific date.
Balloon Loan - Mortgage in which the remaining principal balance becomes fully due and payable at a predetermined time. Most of the time, balloon loans have level payments until the note becomes due and payable.
balloon mortgage - A mortgage that has level monthly payments that will amortize it over a stated term but that provides for a lump sum payment to be due at the end of an earlier specified term.
Balloon Payment - The final payment of a mortgage which is larger than the regular payment; it usually extinguishes the debt.
balloon payment - The final lump sum payment that is made at the maturity date of a balloon mortgage.
bankrupt - A person, firm, or corporation that, through a court proceeding, is relieved from the payment of all debts after the surrender of all assets to a court-appointed trustee.
Bankruptcies - A court action to restructure debt.
bankruptcy - A proceeding in a federal court in which a debtor who owes more than his or her assets can relieve the debts by transferring his or her assets to a trustee.
Basis - Original cost of property plus value of any improvements put on by the seller minus the depreciation taken by the seller.
before-tax income - Income before taxes are deducted.
beneficiary - The person designated to receive the income from a trust, estate, or a deed of trust.
Beneficiary - The lender named on the mortgage note. One entitled to the proceeds of property held in trust; also proceeds of wills, insurance policies, or trusts.
Bill of Sale - Written agreement transferring personal property from one person to another.
Binder - Preliminary agreement of sale, usually accompanied by earnest money (term also used with property insurance).
binder - A preliminary agreement, secured by the payment of an earnest money deposit, under which a buyer offers to purchase real estate.
biweekly payment mortgage - A mortgage that requires payments to reduce the debt every two weeks (instead of the standard monthly payment schedule). The 26 (or possibly 27) biweekly payments are each equal to one-half of the monthly payment that would be required if the loan were a standard 30-year fixed-rate mortgage, and they are usually drafted from the borrower's bank account. The result for the borrower is a substantial savings in interest.
Blanket Mortgage - A mortgage covering more than one property of the mortgage.
bond - An interest-bearing certificate of debt with a maturity date. An obligation of a government or business corporation. A real estate bond is a written obligation usually secured by a mortgage or a deed of trust.
Bond - A debt instrument in the capital markets. The US government, corporations and municipalities use bonds to raise money. Bonds can also be backed by real estate loans and the payments from mortgages.
breach - A violation of any legal obligation.
Bridge Financing - A form of an interim loan, generally made between a short term loan and a long term loan when the borrower needs additional time before obtaining permanent financing.
bridge loan - A form of second trust that is collateralized by the borrower's present home (which is usually for sale) in a manner that allows the proceeds to be used for closing on a new house before the present home is sold. Also known as swing loan.
Broker - A person that represents another for a fee in real estate transactions. Real Estate brokers help consumers locate suitable real estate and are paid a fee for their services.
broker - A person who, for a commission or a fee, brings parties together and assists in negotiating contracts between them.
Building Code - Government regulations specifying minimum construction standards.
Building Line or Setback - Distances from the ends and/or sides of the lot beyond which construction may not extend. The building line may be established by a filed plat of subdivision, by restrictive covenants in deeds or leased, by building codes, or by zoning ordinances.
Buy down - An interest rate buy down is the temporary reduction of the note rate and resulting monthly payments a borrower pays to the lender. The shortfall between the rate on the note and initial payment made by the borrower is usually paid by a third party such as a seller or builder.
buydown mortgage - A temporary buydown is a mortgage on which an initial lump sum payment is made by any party to reduce a borrower's monthly payments during the first few years of a mortgage. A permanent buydown reduces the interest rate over the entire life of a mortgage.
Buyer's Broker - Agent who takes the buyer as a client, and is obligated to represent their interest above all others, and owes specific fiduciary duties to the buyer.
Search for any term related to mortgage calculators. Useful for students who are learning mortgage
and families who wants to acquire mortage. Just enter any mortgage term and click the
search button. You may see all the mortgage terms which starts with a specific letter.
Choose from drop down list and click search button to see results. If you enter
a mortgage term and choose a letter, it tries to find the term that starts with a letter
and contains the mortgage term.
|New And Improved Mortgage Dictionary
The search engine of our mortgage dictionary got an extreme makeover. We saw the need
as it fails to pick up the most accurate and relevant result. Now, the search results
show the most accurate and relevant terms for any search terms. We are also contemplating
to add more terms soon.
|Most Popular Searches In Our Mortgage Dictionary
Mortgagor and Mortgagee -
Mortgagor is also called the borrower or owner, while Mortgagee is also called the lender.
Face Value -
The borrower promises to the pay the original principal amount which is the face value of the mortgage.
First mortgage and Second mortgage -
The first mortgage refers to the current mortgage, while the second mortgage refers to the additional mortgage.
Fair Market Value -
It is the median price between the highest price acceptable to buyer and lowest price acceptable to seller.
Market Value -
It is the most likely price at which the property would sell.