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"Your Education Center" |
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Balloon Mortgage
A loan which is amortized for a longer period than the term
of the loan. Usually this refers to a thirty year amortization
and a five year term. At the end of the term of the loan, the
remaining outstanding principal on the loan is due. This final
payment is known as a balloon payment.
Blanket Mortgage
A mortgage covering at least two pieces of real estate as
security for the same mortgage.
Borrower (Mortgagor)
One who applies for and receives a loan in the form of a
mortgage with the intention of repaying the loan in full.
Bridge Loan
A second trust that is collateralized by the borrower's
present home allowing the proceeds to be used to close on a new
house before the present home is sold. Also known as "swing
loan."
Broker
An individual in the business of assisting in arranging
funding or negotiating contracts for a client but who does not
loan the money himself. Brokers usually charge a fee or receive a
commission for their services.
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