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Mortgage Glossary

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Balance Sheet A financial statement that shows assets, liabilities, and net worth as of a specific date.
Balloon Mortgage A mortgage with level monthly payments that amortizes over a stated term but also requires that a lump sum payment be paid at the end of an earlier specified term.
Balloon Payment The final lump sum paid at the maturity date of a balloon mortgage.
Bank Check See Cashier’s Check
Bankruptcy Proclamation by a court of an individual’s (or organization’s) state of insolvency, or inability, to pay debts. Petition may be brought by an individual or his creditors, with the goal of orderly and equitable settlement of obligations
Basis Points A unit of measure: 1/100th of one percent
Bearer The legal owner of a property.
Before-tax Income Income before taxes are deducted.
Bequest A gift of personal property by will
Bill of Sale a document that transfers ownership of goods from one person to another


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