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Glossary
of Mortgage and Real Estate
Terms: B
Select a letter below
to find a definition.
A
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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 Payment
The final payment of a mortgage
which is larger than the
regular payment; it usually
extinguishes the debt.
Bankruptcies
A court action to restructure
debt.
Basis
Original cost of property
plus value of any improvements
put on by the seller minus
the depreciation taken by
the seller.
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).
Blanket Mortgage
A mortgage covering more
than one property of the
mortgage.
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.
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.
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.
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.
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.
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©2005 - 2008
, Team Success and 3
Degree Media