Real Estate Terms Glossary: B-Glossary Terms

Real Estate Terms Glossary: B-Glossary Terms

balloon mortgage
A mortgage loan that requires the remaining principal balance to be paid at a specific point at the end of a term.
For example, a loan may be amortized as if it would be paid over a fifteen or thirty year period,
but requires that at the end of the “specified term” the entire remaining balance must be paid. Which may be only 10 years.

balloon payment
The final lump sum payment that is due at the termination of a balloon mortgage, and specified date.

bankruptcy
Filed in federal bankruptcy court, individual or individuals can restructure or relieve
themselves of debts and liabilities. Bankruptcies are of different types, most common for an individual
is a “Chapter 7 No Asset” bankruptcy relieving the borrower of most types of debts. A borrower
may not be able to qualify for an “A” paper prime loan for a period of up to two years after
the bankruptcy has been discharged and requires the re-establishment of an ability to repay debt.

bill of sale
A document that’s written that transfers title of personal property. like when selling an automobile.
It also can be used as a seperate page from the regular purchase agreement for the personal property and
furniture in the house.

biweekly mortgage
A mortgage that you make payments every two weeks instead of once a month. resulting with you
instead of making twelve monthly payments during the year, you make thirteen. That extra payment reduces
the principal, which reducing the time it takes to pay off a thirty year mortgage. There are companies that
will charge fees for you to do this, but most people can just do it themselves.

broker
Broker can have different meanings for different situations. Most real estate agents” who work under a “broker.”
Some agents are brokers as well, either working form themselves or under another broker. In the mortgage industry,
broker may refer to a company or individual that does not lend the actual money for the loan themselves, but broker
loans to larger lenders or private investors. A broker is anyone who acts in an agent compacity, bringing two parties
together in a transaction earning a fee for their service.

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Real Estate Terms Glossary: B-Glossary Terms

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