Glossary of terms used on this site
There are 105 entries in this glossary.B
| Term | Definition |
|---|---|
| Balloon Mortgage |
A loan that has a large final payment. |
| Biweekly Mortgage Payment |
A mortgage that requires principal and interest payments at two-week intervals. The payment is exactly half of what a monthly payment would be. Over a year’s time, the 26 payments are equivalent to 13 monthly payments on a comparable monthly payment mortgage. As a result, the loan will amortize much faster than loans with monthly payments. |
| Bridge Loan |
A temporary loan to buy time for the borrower until money from another source (a more permanent loan or sale of property) is obtained. |
| Buydown |
A payment of a lump sum of money to a lender to reduce the interest rate of the loan. The reduced rate may apply for all or a portion of the loan term. |
| Buyer Assistance |
DPAs (Down Payment Assistance) or silent seconds are first-time buyer programs that may enable the buyer to afford a higher priced house. Income restrictions and sometimes area restrictions are applicable. The money is available sporadically and it is usually administered on a city level. |