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Mortgage-Glossary

Mortgage Glossary

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TermDefinition
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
Biweekly Payment Mortgage A plan to reduce the debt every two weeks (instead of the standard monthly payment schedule). The 26 (or possibly 27) biweekly payments are each equal to one-half of the monthly payment required if the loan were a standard 30-year fixed-rate mortgage. The result for the borrower is a substantial savings in interest.
Bona fide In good faith
Bond A document representing a right to certain payments on underlying collateral
Borrower (Mortgagor) An individual who applies for and receives a loan in the form of a mortgage with the intention of repaying the loan in full.
Bridge Loan A second trust that is collateralized by the borrower's present home allowing the proceeds to be used to close on a new house before the present home is sold. Also known as "swing loan."

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