Glossary of Terms - B
To better understand some of the industry terms and technical language used during the process of borrowing money for real estate purchases, search our glossary index. You will be talking the talk with one of our mortgage professionals in no time! If you still have questions, contact us.
A mortgage with periodic payments that do not fully amortize the loan. The outstanding balance of the mortgage is due in a lump sum at the end of the term.
A short-term loan secured by the equity in an as-yet-unsold house, with the funds to be used for a down payment and/or closing costs on a new house. There is no payment of principal until the house is sold or the end of the loan term, whichever comes first. Interest payments may or may not be deferred until the house is sold.
The person who, for a commission or a fee, brings parties together and assists in negotiating contracts between them.
Money advanced by an individual (e.g. builder, seller, buyer, lender, developer) to lower monthly mortgage payments for a few years or the whole term.