Mortgage and Real Estate Terms Sorted Alphabetically:
B – balloon mortgage, bankruptcy, basis point,
beneficiary…more
BALLOON (PAYMENT) MORTGAGE - usually a short-term
fixed
rate loan which involves small payments for a certain
period of time and one large payment for the remaining
amount of the principal at a time specified in the
contract.
BANKRUPTCY - a person, firm or corporation that,
though a court procedure, is relieved from the payment
of all debts after the surrender of all assets to
a court appointed trustee. Find out more information
in our bad
credit mortgage section.
BASIS POINT - one one-hundredth of one percent. Used
primarily to describe changes in yield or price on
debt instruments, including mortgages and mortgage-backed
securities.
BENEFICIARY - a person who benefits from a life insurance
policy, will, contract or deed of trust. In the latter
case, the lender is the beneficiary.
BENEFICIARY STATEMENT - the lender's statement under
a deed of trust, detailing the remaining principal
balance, monthly payment, and interest rate on the
loan.
BILL OF SALE - a written document signed by a seller
that transfers title of personal property.
BIWEEKLY MORTGAGE - a type of fixed rate mortgage
with payments for half the usual monthly amount scheduled
every two weeks. Because you make the equivalent of
13 months of payments every year, the loan term is
shortened from 30 years to 18 or 19 years, and total
interest cost are substantially lower.
BORROWER - one who receives funds in the form of
a loan with the obligation of repaying the loan in
full with interest.
BREACH - failure to perform under a contract or the
violation of a legal obligation.
BRIDGE LOAN - a form of second
mortgage or deed of trust collateralized by the
borrower’s present home (usually for sale) in
a way which allows the proceeds of the loan, to be
used to close the loan on the new home they are buying,
before the present home is sold. Also sometimes referred
to as a "swing loan."
Mortgage Glossary - Mortgage and Real Estate Terms Sorted Alphabetically:
Mortgage
Glossary
A
- adjustable rate mortgage, adjustment interval, amortization,
annual percentage rate (APR) - more
B
- balloon mortgage, bankruptcy, basis point, beneficiary
- more
C
- caps, cash flow, cash out (second mortgage), cash
out refinance - more
D
- debt consolidation, debt service, debt reduction
plan, debt-to-income ratio - more
E
- earned and unearned income, earnest money, easement,
economic life - more
F
- Fair Credit Reporting Act, fair market value, Fannie
Mae - more
G
- good faith estimate, grace period, gradual payment
mortgage (GPM), grantee - more
H
- home equity, home improvement loan, Home Mortgage
Disclosure Act (HMDA) - more
I
- index, in file credit report, inflation, initial
interest rate, ingress and egress - more
L
- lender buy-down mortgage, liability insurance, LIBOR,
loan application - more
M
- manufactured home, market value, maximum loan amount,
mechanic's liens - more
N
- negative amortized (Neg/AM), Neg AM Loans, negative
cash flow, net worth - more
O
- obsolescence, off-site improvements, on-site improvements,
ordinary income - more
P
- par, partial payment, partnership, party wall, payment
shock - more
Q
- quality control, quit claim deed, quote - more
R
- rate shopper, real property, real estate loans,
reconciliation - more
S
- sales contract, satisfaction or mortgage, seasoned
mortgage, second mortgage - more
T
- tax lien, tenancy in common, tenant, term, title,
title insurance - more
U
- underwriting, unencumbered property, uniform commercial
code (UCC)ï -more
V
- VA (Department of Veterans Affairs) Mortgage, vacancy
rate, VA funding fee - more
