This combination Real Estate Glossary and Personal Finance Glossary provides definitions of commonly used real estate and personal finance terms. All definitions are listed below, arranged in alphabetical order.
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Balloon Mortgage - A Balloon Mortgage is a type of mortgage which is generally short in length, but is amortized over twenty-five or thirty years so that the borrower pays a combination of interest and principal each month. At the end of the loan term, the entire balance of the loan must be repaid at once.
Blue Chips - Blue chips are large, well-established companies that offers investors some growth with a solid dividend. Companies listed on the S&P 500 are frequently referred to as blue chip stocks, capable of weathering even the worst market fluctuations.
Bond - A Bond is a government's (federal or municipal) or a corporation's obligation to repay you your principal plus a certain amount of interest over a fixed period of time.
Bond Fund - A Bond Fund is a short hand way of talking about a mutual fund made up of bond issues.
Building Code and Condition Coverage - Building Code and Condition Coverage is a homeowner's insurance rider that covers the cost of meeting new building codes that may have gone into effect after your home was built and to which any new homes built are subject. Also known as an Ordinance-and-Law Rider.
Building Line or Setback - The Building Line or Setback refers to the distance from the front, back, or side of a lot beyond which construction or improvements may not extend without permission by the proper governmental authority or other party. The building line may be established by a filed plat of subdivision, by restrictive covenants in deeds, by building codes, or by zoning ordinances.
Buy Down - A Buy Down is an incentive offered by a developer or home seller that allows the homebuyer to lower his or her initial interest rate by putting up a certain amount of money. A buy down also refers to the process of paying extra points up front at the closing of your loan in order to have a lower interest rate over the life of the loan.
Buyer Broker - A Buyer Broker is a real estate broker who specializes in representing buyers. Unlike a seller broker or conventional broker, the buyer broker has a fiduciary duty to the buyer, because the buyer accepts the legal obligation of paying the broker. The buyer broker is obligated to find the best property for a client, and then negotiate the best possible purchase price and terms. Buyer brokerage has gained a significant amount of respect in recent years, since the National Association of Realtors has changed its code of ethics to accept this designation.
Buyer's Market - A Buyer's Market exists when conditions favor the buyer. A buyer's market is usually expressed when there are too many homes for sale, and a home can be bought for less money.
