Mortgage Glossary, Loan
Terms and Economic Terms for Interest Only Loans
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Mortgage Glossary - B Terms
Balloon Mortgage: a mortgage
that typically offers low rates for an initial period of time (usually
5, 7, or 10) years; after that time period elapses, the balance
is due or is refinanced by the borrower.
Bankruptcy: a federal
law Whereby a person's assets are turned over to a trustee and used
to pay off outstanding debts; this usually occurs when someone owes
more than they have the ability to repay.
Borrower: a person who
has been approved to receive a loan and is then obligated to repay
it and any additional fees according to the loan terms.
Building code: based on
agreed upon safety standards within a specific area, a building
code is a regulation that determines the design, construction, and
materials used in building.
Budget: a detailed record
of all income earned and spent during a specific period of time.
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