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Balloon mortgage. Mortgage with a final lump sum payment that is greater than preceding payments and pays the loan in full. Binder. A preliminary agreement, secure by the payment of earnest money, under which a buyer offers to purchase real estate. Biweekly mortgage. A loan requiring payments of principle and interest at two-week intervals. This type of loan amortizes much faster than monthly payment loans. The payment for a biweekly mortgage is half of what a monthly payment would be. Bridge loan. A loan to “bridge” the gap between the termination of one mortgage, and the beginning of another, such as when a borrower purchases a new home before receiving cash proceeds from the sale of a prior home. Also know as a swing loan. Broker - lender. An intermediary between the borrower and the lender. The broker may represent several lending sources and charges a fee or commission for services. Buy-down. A type of mortgage that requires the buyer to pay additional discount points or make a substantial down payment in return for a below market interest rate. Another form of a buy-down is one in which the seller offers 3-2-1 interest payment plans or pays closing costs such as the origination fee. During times of high interest rates buy-downs may induce buyers to purchase property they might otherwise not have purchased. Buyer’s agent, Buyer’s representative. A real estate agent who represents the buyer in a real estate transaction. |
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