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Word |
Definition |
| Balloon Note |
A note calling for periodic payments which are insufficient to fully amortize the face amount of the not prior to maturity, so that a principal sum known as a "balloon" is due at maturity |
| Binder |
A report issued by a title insurance company setting forth the condition of title to certain property as of a certain date, and setting forth conditions, which if satisfied will cause a policy of title insurance to be issued. |
| Blanket Mortgage |
A mortgage covering more than one property of the mortgagor, such as a mortgage covering all the lots of a builder in a subdivision. |
| Bridge Financing |
A form of interim loan, generally made between a short term loan and a long term loan, when the borrower needs to have more time before taking on long term financing. |
| Buy down |
A payment to the lender from the seller, buyer, third party, or some combination of these, causing the lender to reduce the interest rate during the early years of the loan. |
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