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B
balance
sheet
A financial statement that shows assets, liabilities and net worth as
of a specific date.
balloon
mortgage
A mortgage that has level monthly payments that will amortize it over
a stated term but that provides for a lump sum payment to be due at the
end of an earlier specified term. The principal and interest on the loan
are amortized over a longer period than the actual term of the mortgage.
balloon
payment
The final lump sum payment that is made at the maturity date of a balloon
mortgage.
bankrupt
A person, firm, or corporation that, through a court proceeding, is relieved
from the payment of all debts after the surrender of all assets to a court-appointed
trustee.
bankruptcy
A proceeding in a federal court in which a debtor who owes more than his
or her assets can relieve the debts by transferring his or her assets
to a trustee.
before-tax
income
Income before taxes are deducted.
beneficiary
The person designated to receive the income from a trust, estate or a
deed of trust.
bequeath
To transfer personal property through a will.
betterment
An improvement that increases property value as distinguished from repairs
or replacements that simply maintain value.
bill
of sale
A written document that transfers title to personal property.
binder
A preliminary agreement, secured by the payment of an earnest money deposit,
under which a buyer offers to purchase real estate.
biweekly
payment mortgage
A mortgage that requires payments to reduce the debt every two weeks (instead
of the standard monthly payment schedule). The 26 (or possibly 27) biweekly
payments are each equal to one-half of the monthly payment that would
be required if the loan were a standard 30-year fixed-rate mortgage, and
they are usually drafted from the borrower’s bank account. The result
for the borrower is a substantial savings in interest.
blanket
insurance policy
A single policy that covers more than one piece of property (or more than
one person).
blanket
mortgage
The mortgage that is secured by a cooperative project, as opposed to the
share loans on individual units within the project.
bona
fide
In good faith, without fraud.
bond
An interest-bearing certificate of debt with a maturity date. An obligation
of a government or business corporation. A real estate bond is a written
obligation usually secured by a mortgage or a deed of trust.
breach
A violation of any legal obligation.
bridge
loan
A form of second trust that is collateralized by the borrower's present
home (which is usually for sale) in a manner that allows the proceeds
to be used for closing on a new house before the present home is sold.
Also known as "swing loan."
broker
A person who, for a commission or a fee, brings parties together and assists
in negotiating contracts between them.
budget
A detailed plan of income and expenses expected over a certain period
of time. A budget can provide guidelines for managing future investments
and expenses.
budget
category
A category of income or expense data that you can use in a budget. You
can also define your own budget categories and add them to some or all
of the budgets you create. "Rent" is an example of an expense
category. "Salary" is a typical income category.
building
code
Local regulations that control design, construction and materials used
in construction. Building codes are based on safety and health standards.
buydown
account
An account in which funds are held so that they can be applied as part
of the monthly mortgage payment as each payment comes due during the period
that an interest rate buydown plan is in effect.
buydown
mortgage
A temporary buydown is a mortgage on which an initial lump sum payment
is made by any party to reduce a borrower’s monthly payments during
the first few years of a mortgage. A permanent buydown reduces the interest
rate over the entire life of a mortgage.
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