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Buy-down

2022-01-13T23:37:01-05:00January 13, 2022||

When the lender and/or the homebuilder subsidize a mortgage by lowering the interest rate during the first few years of the loan. While the payments are initially low, they will increase when the subsidy expires. [...]

Broker

2022-01-13T23:36:24-05:00January 13, 2022||

An individual who assists with arranging funding or negotiating contracts for a client but who does not loan the money himself or herself. Brokers usually charge a fee or receive a commission for their services.

Bridge Loan

2022-01-13T23:40:02-05:00January 13, 2022||

A second trust for which the borrower's present home is collateral, allowing the proceeds to be used to close on a new house before the present home is sold. Also known as a "swing loan." [...]

Borrower (Mortgager)

2022-01-13T23:35:42-05:00January 13, 2022||

One who applies for and receives a loan in the form of a mortgage with the intention of repaying the loan in full.

Blanket Mortgage

2022-01-13T23:35:22-05:00January 13, 2022||

A mortgage covering at least two pieces of real estate as security for the same mortgage.

Biweekly Payment Mortgage

2022-01-13T23:35:05-05:00January 13, 2022||

A plan to make mortgage payments every two weeks (instead of the standard monthly payment schedule). The 26 (or 27) biweekly payments are each equal to one-half of the monthly payment required if the loan [...]

Balloon Payment

2022-01-13T23:34:50-05:00January 13, 2022||

The final lump sum paid at the maturity date of a balloon mortgage.

Balloon Mortgage

2022-01-13T23:34:20-05:00January 13, 2022||

A loan that is amortized for a longer period than the term of the loan. Usually this refers to a 30-year amortization and a five-year term. At the end of the term of the loan, [...]

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