Real Estate

Cap: The limit for how much the interest rate can rise on an adjustable rate mortgage.
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Buy Down: When someone makes a payment to a lender in order to obtain a lower interest rate.
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Bundle Of Rights: Your rights as a property owner.
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Broker: A person who is in the business of shopping for mortgage loans. A broker is the middle-man who takes the information from people looking to borrow money and shops around to different lenders in order to find a loan for their clients. Brokers get a
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Bridge Loan: If you find the home you want to purchase before you have sold your current home, you can take out this type of loan in which the equity in your current property is used as the downpayment on the new property you are purchasing. Once your cur
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Binder: Once earnest money is put down toward the purchase of a home this agreement holds the home while the proper inspections and appraisals are conducted.
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Bankruptcy: The act of claiming you do not have the means or any way to acquire the means to pay off your current debt. This is a legal court proceeding in which you turn in all of your asset and debt information to the court, and the court rules if it th
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Balloon Payment: The balance of the entire loan amount that is due in one final large payment at the end of a balloon mortgage.
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Balloon Mortgage: When a buyer acquires this type of mortgage they are required to make payments for a certain amount of time. After this specified period of time, the buyers has to pay the mortgage loan in full. The time period is usually for 5 to 10 yea
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Assumption: When the seller officially transfers the mortgage to the buyer of the property.
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