# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Balloon Mortgage: A mortgage that typically offers low rates for an initial period of time (usually 5, 7, or 10) years; after taht time period elapses, the balance due is refinanced by the borrower.
Bankruptcy: A federal law whereby a person's assets are turned over to a trustee and used to pay off outstanding debts; this usually occurs when someone owes more than they have the ability to pay.
Borrower: A person who has been approved to recieve a loan and is then obligated to repay it and any additional fees according to the loan terms.
Building Code: Based on agreed upon safefy standards within a specific area, a building code is a regulation taht determines the design, construction, and materials used in building.
Budget: A detailed record of all income earned and spent during a specific period of time. |
