B-C

Balloon: A loan that has a series of monthly payments with the remaining balance due in a large lump sum payment at the end.
Binder: A receipt fro a deposit to secure the right to purchase a home at agreed terms by a buyer and a seller.
Biweekly Mortgage: A type of fixed-rate mortgage with payments for half the usual monthly amount scheduled every two weeks. Because the mortgage makes the equivalent of 13 months of payments every year, the loan term is shortened from 30 years to 18 or 19 years.
Buydown: A subsidy (usually paid by a builder or developer) to reduce monthly payments on a mortgage.
Cap: A limit to the amount an interest rate or a monthly payment can increase for an adjustable rate loan either during an adjustment period or over the life of the loan.
Certificate of Occupancy: A document from an official agency stating that the property meets the requirements of local codes, ordinances, and regulations.
Closing: A meeting to sign documents that transfer Property from a seller to buyer (settlement).
Closing Costs: Charges paid at settlement for obtaining a mortgage loan and transferring a real estate title.
Conditions, Covenants, and Restrictions (CC and Rs): The standards that define how a property may be used and the protections the developer makes for the benefit of all owners in a subdivision.
Conventional Loan: A mortgage loan not insured by a government agency (such as FHA or VA).
Convertibility: The ability to change a loan from an adjustable rate schedule to a fixed rate schedule.
Credit Rating: A report ordered by a lender from a credit agency to determine a borrower's credit habits.

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07/22/08 12:44 AM