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News about Mortgages:
County considers helping homeowners avoid foreclosure - Herald TribuneAs the federal government looks to buy up foreclosed homes, Sarasota County leaders are hoping to avoid many foreclosures altogether with a unique new program to help struggling homeowners. County administrator Jim Ley laid out an aggressive ...
Stock market bears down on recent retirees' dreams - Detroit Free PressWhen Dan Valle took his buyout from Ford Motor Co. more than a year ago, he did what he thought was the sensible thing. Then age 57, he rolled over a lump-sum payout, roughly a year's salary, into an individual retirement account. He turned to a ...
Today's Mortgage Terms starting with B
Bankruptcy: A legal procedure in a federal court to relieve certain debts of a person or a business that is no longer able to pay its debts. Chapter 7 bankruptcy removes all debts. Chapter 13 lets a borrower with and income to pay bills off over a set period of time.
Bearer: The legal owner of a property.
Bill of Sale: A document that details the transfer of property.
Biweekly Mortgage: A mortgage with payments due every two weeks, totaling 26 payments a year, two payments more than a mortgage with monthly payments. The two extra payments lowers significantly the interest paid over the life of the mortgage.
Blanket Mortgage: A mortgage that includes more than one piece of real estate
Borrower (Mortgager): An individual who makes an application for and receives funds in the form of a loan and is obligated to repay the loan in full under the conditions of the loan.
Broker: An individual who gets buyers and sellers together and helps in negotiating contracts for a client.
Buy-Down Mortgage: A mortgage loan with a lower than market rate for a determined period of time.
Buyer’s Market: Market conditions that favor buyers. When there are more properties for sale than buyers, sellers may be forced to provide price discounts to close the transaction.
View all Terms