-B-
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Balloon
Payment Mortgage
-
usually a short-term mortgage with regular monthly payments
that are insufficient to pay off the loan at the end of
the term. A lump sum payment (balloon payment) is then
required at the maturity
date.
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Beneficiary
-
the lender named on the mortgage note.
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Biweekly
Mortgage
-
a type of mortgage in which payments equal to one-half
of the regular monthly payment are scheduled every two
weeks, rather than monthly. This arrangment results in
the equivalent of 13 months of payments in a year, substantially
less paid in interest, and a much quicker payoff on the
loan.
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Blanket
Mortgage
-
a mortgage covering multiple properties.
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Bridge
Financing
-
an interim loan, made when a borrower needs additional
time before obtaining permanent financing. A bridge loan
is often required between the purchase of a new home,
and the sale of the borrower's current home.
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Broker
-
see Mortgage
Broker.
-
Buydown
-
a temporary reduction in an interest
rate made by paying a lump sum or discount
points up front.
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Mortgage Glossary © Copyright 2004, 2008
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