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Mortgage glossary
Whether you are buying a home or refinancing, applying for a mortgage is a big step. Use our mortgage glossary to help you through the process. Our comprehensive glossary of mortgage loan terms is even used by loan officers and real estate professionals. Bookmark our mortgage glossary as a quick mortgage definitions and vocabulary reference. |
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- Balloon loan
Unlike an amortized loan, which pays off the principal completely at the end of the loan, a balloon loan leaves a large amount of principal unpaid. Usually, consumers refinance the balloon amount.
- Balloon payment
The large payment left at the end of a balloon loan.
- Bank
An institution, chartered by the federal or state governments and usually regulated by both, that accepts deposits and lends money to borrowers.
- Banker's year
For the purposes of figuring loan payments, bankers divide the year into 12 equal months of 30 days each. The banker's year is why you owe the same monthly payment on your car loan in February and March, even though the months have a different number of days.
- Basis point
One one-hundredth of a percentage point. If you see a loan has changed from 7 percent to 7.10 percent, it has gone up 10 basis points.
- Borrower
A person who gets a loan.
- Breach of contract
The violation of a legal agreement.
- Buyer's market
When there are more sellers than buyers. A condition favorable to the buyers, because it drives prices down.
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| National
mortgage rates |
| 11/21/2009 4:56:11 AM
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