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Look-up a term: GLOSSARY:
  • Back End Ratio (debt ratio) a ratio that compares the total of all monthly debt payments (mortgage, real estate taxes and insurance, car loans, and other consumer loans) to gross monthly income.
  • Back to Back Escrow arrangements that an owner makes to oversee the sale of one property and the purchase of another at the same time.
  • Balance Sheet a financial statement that shows the assets, liabilities and net worth of an individual or company.
  • Balloon Loan or 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 due at the end 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.
  • Biweekly Payment Mortgage a mortgage paid twice a month instead of once a month, reducing the amount of interest to be paid on the loan.
  • Blown-in Blanket Insulation Fiberglass is one of the most common forms of insulation for homes that helps reduce energy waste. Taylor Morrison dry, "blow-in" fiberglass helps avoid introducing moisture into the wall. This tactic better fills the area than other building practices.
  • 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.
  • Bridge Loan a short-term loan paid back relatively fast. Normally used until a long-term loan can be processed.
  • Broker a licensed individual or firm that charges a fee to serve as the mediator between the buyer and seller. Mortgage brokers are individuals in the business of arranging funding or negotiating contracts for a client, but who does not loan the money. A real estate broker is someone who helps find a house.
  • Budget a detailed record of all income earned and spent during a specific period of time.
  • 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.
  • Buy Down the seller pays an amount to the lender so the lender provides a lower rate and lower payments many times for an ARM. The seller may increase the sales price to cover the cost of the buy down.