Glossary




Balloon (Payment) MortgageUsually a short-term fixed-rate loan ...
BandwidthA measurement of a signal, for exampl...
binderThe transaction in which a purchaser ...
Biweekly MortgageA type of fixed-rate mortgage with pa...
bona fideIn good faith, without deceit or dece...
Book markingThe way to mark web sites that the us...
Borrowerthe public entity or its designated p...
budgetAn itemized summary of probable expen...
Budget AuthorityBudget Authority consists of appropri...
builder's warrantyA written statement by a builder assu...
building codesState of locally adopted regulations,...
BusinessSomething given, as a privilege or ri...
buy downA sum of money paid to a lender at cl...

Usually a short-term fixed-rate loan which involves small payments for a certain period of time and one large payment for the remaining amount of the principal at a time specified in the contract.

A measurement of a signal, for example how fast the computer can send information to the monitor. Usually expressed in hertz.

The transaction in which a purchaser gives a sum of money to commit a seller to selling them the real estate.

A type of fixed-rate mortgage with payments for half the usual monthly amount scheduled every two weeks. Because you make the equivalent of 13 months of payments every year, the loan term is shortened from 30 years to 18 or 19 years, and total interest costs are substantially lower.

In good faith, without deceit or deception.

The way to mark web sites that the user would like to visit again. Usually label favorite or bookmark depending on the programs used.

the public entity or its designated public agency that issues debt obligations.

An itemized summary of probable expenditures and income for a given period.

Budget Authority consists of appropriations and re-appropriations, borrowing authority, and contract authority. Legally, Budget Authority constitutes specific authority to make obligations that will result in immediate or later outlays. The present Office of Management and Budget definition of budget authority includes both federal funds and trust funds.

A written statement by a builder assuring that a dwelling was completed in conformity with a stipulated set of standards. The purpose is to protect the purchaser from latent defects.

State of locally adopted regulations, enforceable by police powers, that control the design, construction, repair, quality of building materials, and use as occupancy of any structure, all falling under a specified government agency or enforcement.

Something given, as a privilege or right, a sum of money or a tract of land.

A sum of money paid to a lender at closing to reduce the borrower's out- of pocket monthly mortgage payment. Most buy downs are temporary.