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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.

balloon payment
The final lump sum payment that is required at the maturity date of a balloon mortgage.

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.

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 a monthly payment schedule. 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.

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.

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.

breach
A violation of any legal obligation.

bridge loan
A form of second trust that is collateralized by the borrower's present home in a manner that allows the proceeds to be used for closing on a new house before the present home is sold. This is also known as "swing loan."

broker
A person who brings parties together and assists in negotiating contracts between them and receives a commission or a fee for this service.

budget
A detailed record of all income earned and expenses expected over a specific 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.

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.

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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Flavia & Klaus Westerwelle
Lizensierte Immobilienmakler / Realtor
ShellTree Real Estate Group, PA
4 Boland Court
Greenville, South Carolina 29615
U.S.A.

Direct: 864.527.0452
Office: 864.284.9511
Fax: 864.284.9512
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Sprachen: English, German

Flavia & Klaus Westerwelle sind lizensierte Immobilienmakler im Staat South Carolina, USA

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