Mortgage terms starting with B

5 terms

1. "Bait-and-switch" schemes The lender may promise one type of loan or interest rate but, without good reason, gives you a different one.
2. Balloon Mortgage With a balloon mortgage, you make monthly payments over the mortgage term, which is typically five, seven, or ten years, and a final installment, or…
3. Balloon Payment A mortgage with periodic installments of principal and interest that do not fully amortize the loan.
4. Beneficiary A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract.
5. Branch Office For banks and thrifts, a branch office is an office approved as a branch by a supervisory agency.