Real Estate Glossary

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balloon mortgage
A mortgage that requires payment of the entire outstanding balance at the end of a specified term. A loan may be paid off at a twenty year rate, for example, but at the end of ten years, the remaining amount would have to be paid in total.

bill of sale
Written documentation of a sale. For example, such documentation is often used if an item of value is sold to generate funds for a down payment.

bridge loan
The mortgage financing that takes place between the termination of one loan and the beginning of another.

buy-down
A mortgage financing technique in which the seller or builder makes a payment to the lender. This reduces payments for the buyer for a fixed number of months.