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Mortgage-Glossary

Mortgage Glossary

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TermDefinition
Asset Anything owned of monetary value including real property, personal property, and enforceable claims against others (including bank accounts, stocks, mutual funds, etc.).
Assignment The transfer of a mortgage from one person to another.
Assumability An assumable mortgage can be transferred from the seller to the new buyer. Generally requires a credit review of the new borrower and lenders may charge a fee for the assumption. If a mortgage contains a due-on-sale clause, it may not be assumed by a new buyer.
Assumption An agreement between the buyer and the seller for the buyer to take over the payments on an existing mortgage.
Assumption Fee The fee paid to a lender (usually by the purchaser of real property) when an assumption takes place.
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

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