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Balance Sheet
A document showing the financial situation--assets, liabilities, and net worth--of a company at a specific point in time.
Balloon Mortgage
Behaves like a fixed-rate mortgage for a set number of years (usually five or seven) and then must be paid off in full in a single "balloon" payment.Balloon loans are popular with those expecting to sell or refinance their property within a definite period of time.
Balloon Mortgage
A short-term, fixed-rate loan with low payments for a set number of years and a large balloon payment of the remainder of the principal due at the end of the term.
Balloon Payment
A balloon payment is a large payment at the end of a mortgage term. Balloon payments are usually required when the interest rate or payment is low enough that the payment is not enough to cover the principal and interest during the loan. At the end of the mortgage there is still a balance which must be settled in one payment.
Bankruptcy
Proclamation by a court of an individual's (or organization's) state of insolvency, or inability to pay debts. Petition may be brought by an individual or creditors, with a goal of orderly and equitable settlement of obligations.
Basis
See Adjusted basis.
Bearer
The legal owner of a piece of property.
Below-market-rate loans
If you make an interest-free or bargain-rate loan to a friend or relative, you may be required to include in your taxable income some of the interest the IRS figures you should have charged.
Bequest
A gift of personal property by will.
Bi-weekly Mortgage
A payment plan under which the borrower pays one half of a monthly payment every two weeks.
Bill of Sale
A document by which one transfers ownership of goods to another.
Bona Fide
In good faith.
Bond
A document representing a right to certain payments on underlying collateral.
Borrower
(Mortgagor) - An individual who applies for and receives a loan in the form of a mortgage with the intention of repaying the loan in full
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 charge a fee or receive a commission for their services.
Broker
An individual who assists in arranging funding or negotiating contracts for a client but does not loan money himself.
Buy-down
A situation in which the seller contributes money, allowing the lender to give the buyer a lower rate and payment, usually in exchange for an increase in sales price.
Buyers'
Market
Market conditions that favor buyers. With more sellers than buyers in the market, buyers have ample choice of properties and can negotiate lower prices.
Buyer's Broker
An agent hired by a buyer to locate a property for purchase and to represent the buyer in negotiations with the seller's broker.