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- Home Equity 101: A Guide to Home Equity and How to Leverage It
- Decoding Mortgage Loan Types: A Comprehensive Guide
- What Is A Reverse Mortgage
- What Is A Mortgage Rate Buydown and Can I Benefit?
- Cash-Out Refinance: Using Home Equity to Pay Off Debt
- Should I Get Pre-Approved Before Buying A House?
- Your Adjustable-Rate Mortgage: Is it Time to Refinance to a Fixed Rate?
- How to Get a Mortgage Pre-Approval for Buying a New Home
- Cash-Out Mortgage Refinance: What It Is and How It Works
- Cash-Out Refinance vs Home Equity Loans vs HELOCs – What’s the difference?
- 7 Essential Tips For Buying Your Next Home
- All About Your Credit
- Tips on Buying a New Home from Real Estate Pros
- 10 Things to Know Before Refinancing Your Mortgage
- How Do I Get My Home Ready to Sell? 7 Easy Steps
- What Are the Costs of Homeownership?
- What is PMI (Private Mortgage Insurance) and Why Am I Paying It?
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Mortgage Glossary
B-TEST
A short-term loan that is paid off through fixed monthly payments, followed by one large, final payment (the 'balloon') of the entire remaining loan balance. The balloon mortgage is amortized as though it were a long-term fixed rate loan, resulting in low monthly payments, but after a specified time period (usually five, seven or 10 years) the entire remaining balance is due and payable in full.
Balloon Payment
The final lump sum payment made at the maturity date of a balloon mortgage. When payment is due, the homeowner may be able to refinance the loan.
Bankruptcy
A legal process in which a person who is unable to pay outstanding debts is released from payment of all debts owed. In many cases, the court distributes the debtor's property to the creditors as payment for the outstanding debt.
Blanket Mortgage
One mortgage that covers more than one property.
Bridge Loan
A mortgage loan that enables you to obtain financing for a new house before your current house is sold. The current house is used as collateral. Also called a swing loan.
Dreaming about owning your own home?
Having a financial plan before you look can help you better prepare for home buying costs.
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Wondering if you should refinance?
Here is a list of ten things you should know before refinancing.
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