Home Equity Line of Credit Costs
# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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- 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 balloon mortgage.
- Bankrupt
- 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.
- Bankruptcy
- 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.
- Basis point
- A basis point is 1/100th of a percentage point.
- Before-tax income
- Income before taxes are deducted.
- Beneficiary
- The person designated to receive the income from a trust, estate, or a deed of trust.
- Binder
- A preliminary agreement, secured by the payment of an earnest money deposit, under which a buyer offers to purchase real estate.
- Biweekly payment mortgage
- A mortgage that requires payments to reduce the debt every two weeks (instead of the standard monthly payment schedule). The result for the borrower is a substantial savings in interest.
- Bond
- 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.
- Breach
- 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 "swing loan."
- Broker
- 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.
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