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Nicolas Romo |
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(714)
231-3772 |
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Lic.
# 01787685 |
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Hablo Español |
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Balloon
Mortgage
A mortgage that works like a fixed-rate mortgage for
a specified number of years, normally 5 or 7 years,
which must then be paid off in a single “balloon”
payment. These types of loans are very popular with
people borrowers who expect to refinance or sell
their home within a certain time period.
Balloon Payment
The final lump sum that is paid at the end of the
balloon mortgage.
Bankruptcy
A method that individuals utilize to relieve
themselves of debts and/or liabilities when they are
unable to repay. Chapter 7, when someone frees
himself from most of his or her debt, is the most
common form of individual bankruptcy. People who
have filed bankruptcy normally cannot qualify for
"A" paper loans until two years have passed since
the BK declaration and after re-establishing their
credit.
Best Faith Estimate
An estimate of the total costs for obtaining a home
loan that is provided to borrowers before the close
of escrow. Also called a Good-Faith-Estimate.
Bill of Sale
A document in writing that transfers title/ownership
of personal property.
Bi-weekly Mortgage
Making half of the monthly mortgage payment 2 times
per month(every other week), which results in 13
full payments per year as opposed to the normal12.
Doing this greatly reduces the time a principal is
paid off, ultimately saving the borrower thousands
in interest payments. A good way to do this is to
set up an automatic bi-weekly payment from your bank
account.
Bond Market
This normally refers to the daily buying & selling
of 30-year treasury bonds. Lenders follow this
market very closely, because as the yields of bonds
rise and fall, fixed-rate mortgages perform
approximately in the same manner. The same factors
that affect the treasury bond market also affect
mortgage rates concurrently. This is the reason
interest rates normally fluctuate daily, especially
in a volatile market.
Blanket Mortgage
A mortgage protected by the guaranteeing of more
than 1 property or collateral.
Book Value
The acquisition costs (purchase price or appraised
value, plus the estimated closing costs) minus any
increased depreciation.
Broker
Individuals in the business of helping in arranging
funding or negotiating contracts for a client, but
who do not loan the money themselves. These people
normally charge a fee or receive a commission for
their real estate/mortgage services.
Bridge Loan
An equity loan obtained to solve a borrowers
short-term financial problem.
Budget Mortgage
A mortgage payment that includes a portion for taxes
& insurance, as well as principal & interest. This
is also referred to as a P.I.T.I mortgage payment.
Buy Down
The buy down permits loans to be made at
less-than-market interest rates by paying front-end
discounts. The interest rate is lowered for a
temporary period, normally from 1 to 3 years. In
order to obtain this discount, a lump sum is paid &
held in an account utilized to supplement the
monthly payment of the borrower. The payment is
calculated at the note rate after the discount
period – again normally 1 to 3 years. |
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