- balance sheet
- A financial statement that shows assets, liabilities, and net worth
as of a specific date.
- 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 lump sum payment that is made at the maturity date of a
- 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.
- 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.
- Income before taxes are deducted.
- The person designated to receive the income from a trust, estate, or
a deed or trust.
- A preliminary agreement, secured by the payment or an earnest money
deposit, under which a buyer offers to purchase real estate.
- bi-weekly payment mortgage
- A mortgage that required 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 saving in interest.
- blanket mortgage
- The mortgage that is secured by a cooperative project, as opposed to
the share loans on individual units within the project.
- 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.
- A violation of any legal obligation.
- 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 a "swing loan".
- A person who, for a commission or a fee, brings parties together and
assists in negotiating contracts between them.
- 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.