When credit is advanced by note or contract and payment
is required in regular equal installments and the note or contract will
mature before the note or contract is paid in full, a payment which
may be larger than the regular payment will fall due. This payment is
called a "balloon payment".
The person who receives or is to receive the benefits
resulting from certain acts; one receiving benefits, profits or advantage;
one for whose benefit a trust is created.
Bill of Sale
A written instrument by which one person transfers or
conveys right, title or interest in personal property to another.
A single mortgage which covers more than one piece of
An individual in the business of assisting in arranging
funding or negotiating contracts for a client but who does not loan
the money him/herself. Brokers usually charge a fee or receive a commission
for their services.
Regulations established by local governments setting
forth the structural requirements of buildings.
When the lender and/or the homebuilder subsidizes the
mortgage by lowering the interest rate during the first few years of
the loan. While the payments are initially low, they will increase when
the subsidy expires.