Quickloans Glossary

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B

BALLOON (PAYMENT) MORTGAGE
Usually a short-term loan involving small payments for a set period of time and one large payment for the remaining principal balance at a specified time.

BROKER
An individual in the business of assisting, arranging, funding or negotiating loans for a client, but does not loan the money himself.

BUY-DOWN
When the lender and/or the home builder 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.

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