Landlord Terms and Definitions – Tenant Screening Services – Accurate Credit Bureau

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Balloon Mortgage
Balloon mortgage loans are short-term fixed-rate loans with fixed monthly payments for a set number of years followed by one large final balloon payment (“the balloon”) for all of the remainder of the principal. Typically, the balloon payment may be due at the end of 5, 7, or 10 years. Borrowers with balloon loans may have the right to refinance the loan when the balloon payment is due, but the right to refinance is not guaranteed.
Bankruptcy
A proceeding in a federal court to relieve certain debts of a person or a business unable to pay its debts.
Bearer
The legal owner of a piece of property.
Bequest
A gift of personal property by will.
Blanket Mortgage
A mortgage that covers more than one parcel of real estate.
Bona Fide
In good faith.
Borrower (Mortgagor)
An individual who applies for and receives funds in the form of a loan and is obligated to repay the loan in full under the terms of the loan.
Broker
An individual who brings buyers and sellers together and assists in negotiating contracts for a client.
Buy-Down Mortgage
A mortgage loan with a below-market rate for a period of time.
Buyer’s Market
Market conditions that favor buyers. With more sellers than buyers in the market, sellers may be forced to make substantial price concessions.

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