B

Balloon Mortgage: A mortgage which usually offers a short-term fixed-rate loan which involves small payments for a certain period of time and one large payment (balloon payment) for the remaining amount of the principal at a time specified in the contract.

Balloon Payment: The lump sum payment of the principal balance of the mortgage.

Bankruptcy: The financial inability to pay one’s debts when due.  The debtor must surrender his assets to the Bankruptcy Court and usually files for Chapter 7 or Chapter 13.  The bankruptcy will stay on the individual’s credit report for 7 years.

Beneficiary:  A person named to receive a benefit from a trust or other act.

Blanket Mortgage: A mortgage that covers multiple pieces of property

Borrower (Mortgagor): The individual, partnership, or company that borrows money and secures the loan with real estate and is responsible to repay the debt.

Broker:
Real Estate Broker: An individual who is licensed to represent a buyer or seller in a real estate transaction and negotiates contracts for their clients.
Mortgage Broker: An individual who assists in arranging the financing for a real estate transaction, but does not loan or fund the money themselves.

Buydown: The process of obtaining a lower interest rate for the entire duration of the loan or for a specific period by paying additional points to the lender or builder. 

Buyers Market: A market condition when there are typically more sellers than buyers which could result in lower prices as sellers are more willing to negotiate.

Bylaws: a set of laws or rules governing the internal affairs of a business or organization