Balloon Mortgage
A short-term
mortgage, generally at a fixed
rate of
interest, to be paid back in pre-determined, equal
monthly payments, with a large, final payment for the
balance of the loan paid at the end of the term. |
Binder
Generally a small amount of money from the
buyer, accompanying a brief written
offer to buyer. (See
Earnest Money.) |
Broker
A person licensed to represent home buyers or sellers
for a contracted fee. Most real estate offices are managed
by a broker who employs agents to sell the properties. |
