Laguna Beach Mortgage
949-495-5885
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Laguna Beach Mortgage 949-495-5885
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Mortgage Glossary |
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Use this glossary to look up definitions of mortgage terms. The definitions given here explain how the terms are used in the field of real estate finance.
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Balloon Mortgage A mortgage loan which requires the borrower to make a balloon payment. |
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Balloon Payment The payment of the remaining principal balance due at the end of the term of a partially amortized or interest only loan; so called because it is much larger than the regular payments made during the loan term; or, any loan payment that is larger than the regular payments. |
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Bi-Weekly Loan A fixed-rate loan that requires a payment every two weeks instead of once a month, so that the borrower makes 26 half payments per year, the equivalent of 13 monthly payments. |
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Bill of Sale A document used to transfer title to personal property from one person to another. |
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Blanket Mortgage A mortgage covering at least two pieces of real estate as security for the same mortgage. |
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Bonus Ongoing bonus payments received. You will need to provide signed income tax returns/W-2's to verify income. |
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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. |
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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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Brokerage Fee The commission and other compensation charged for a real estate broker services. |
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Buydown When the seller or a third party pays the lender a lump sum at closing to lower the interest rate charged to the buyer, either for the life of the loan (permanent buydown) or only during the first years of the loan term (temporary buydown). |
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