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Law Office of William F. Scofield
William F. Scofield, LLC Attorney at Law
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Glossary
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z all
 
Balloon Mortgage
A fixed rate mortgage with monthly payments, which are not large enough to pay off the loan during the term. Balloons end after a specific time, usually one to five years, after which the entire remaining balance must be paid in a lump sum.
 
Balloon Payment
The final lump sum payment due at the end of a balloon mortgage.
 
Balloon Reset Mortgage
See Two Step Mortgage (Balloon Reset)
 
Basis Point
1/100th of a point. See Point. One hundred basis points is equal to one percent (or one point, in mortgage terms). 50 basis points equals ˝ of a percent, etc.
 
Bill of Sale
A written document which transfers titles to personal property, such as an automobile or other valuable property.
 
Biweekly Mortgage
A mortgage with payments made every two weeks instead of monthly. Since a biweekly has 26 payments per year—the equivalent of 13 monthly payments—the loan is paid off much sooner, typically in 22 to 23 years as opposed to monthly payments for 30 years. The early payoff saves the borrower a substantial amount of interest.
 
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.
 
Bridge Loan
A loan used (usually) to finance the down payment on a new home before the previous property is sold. Bridge loans used to be more commonly available; now-a-days, bridge loans are not only hard to find but are quite expensive.
 
Broker
A person or company that, for a specified fee, provides a service. Real Estate brokers bring together buyers and sellers and then facilitate the transaction. Note: most Real Estate brokers represent the seller, NOT the buyer. Mortgage brokers are individuals or companies, which arrange financing but do not lend money directly.
 
Budget
A detailed record of all income earned and spent during a specific period of time.
 
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.
 
Buy-down
A payment to the lender from the seller, buyer, third party, or some combination of these of points to lower the interest rate during the early years of a loan. The buy-down is usually for the first 1 to 5 years of the loan. The effect is to lower the interest rate for some period of time, which in turn allows the borrower to qualify. The reduced monthly payments increase when the subsidy expires.
 
These definitions are provided for informational purposes only. William Scofield, LLC shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
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