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Balloon Mortgage -
Acts as a fixed-rate mortgage for a set number of years (usually five or
seven) then remainder must be paid off in full in a single "balloon"
payment.
Best Faith Estimate -
Estimate of the total securities for a real estate loan, that is given to
borrowers prior to closing.
Blanket Mortgage -
A mortgage secured by multiple properties (more than one).
Bi Weekly Mortgage -
Mortgage loan in which payments are made twice monthly which in turn
causes 13 payments per year rather than 12.
Broker -
An individual in the business of assisting in arranging funding or
negotiating contracts for a client but who does not loan the money
himself. Brokers usually receive a commission for their services.
Budget Mortgage -
Mortgage including a portion for taxes and insurance as well as principal
and interest.
Buy-down -
To subsidize the mortgage by lowering the interest rate during the first
few years of the loan. Payments are initially low, but will increase when
the subsidy expires.
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