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Balloon MortgageMortgage with a final lump sum payment that is greater than preceding payments and pays the loan in full.
Biweekly MortgageA loan requiring payments of principal and interest at two-week intervals. This type of loan amortizes much faster than monthly payment loans. The payment for a biweekly mortgage is half what a monthly payment would be.
BondA certificate serving as security for payment of a debt. Bonds backed by mortgage loans are pooled together and sold in the secondary market.
Bridge LoanA loan to "bridge" the gap between the termination of one mortgage and the beginning of another, such as when a borrower purchases a new home before receiving cash proceeds from the sale of a prior home. Also known as a swing loan.
BrokerAn intermediary between the borrower and the lender. The broker may represent several lending sources and charges a fee or commission for services.
Buy-downA type of mortgage which requires the buyer to pay additional discount points or make a substantial down payment in return for a below market interest rate. Another form of a buy-down is one in which the seller offers 3-2-1 interest payment plans or pays closing costs such as the origination fee. During times of high interest rates buy-downs may induce buyers to purchase property they might otherwise not have purchased.
Last Modified: 12/11/2020 3:47 PM