Balloon Payment
A lump sum payment for the unpaid balance of the loan.
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.
Broker
An individual in the business of assisting in arranging funding or
negotiating contracts for a client buy who does not loan the money
himself. Brokers usually charge a fee or receive a commission for their
services.
Buy-down
When the lender and/or the home builder subsidized the mortgage
by lowering the interest rate during the first few years of the loan.
While the payments are initially low, they will increase when the
subsidy expires.
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