Mortgage Glossary – B

Bank – A financial institution that borrows and lends money.

Bankruptcy – The financial status of an individual or company that may be voluntarily or involuntarily. The judgment of being legally insolvent. Legally and financially insolvent.

Basis Point – A measurement of a percentage: 1/100th of one percent.

Bill of Sale – A receipt or documented proof that legally indicates a transaction has been completed.

Biweekly Mortgage – Payment of a mortgage on a 2 week cycle. Bi weekly payments are beneficial as they will decrease your principal owing sooner.

Blanket Mortgage- A mortgage that covers more than one property.

Borrower – A person that obtains a loan.

Bridge Loan – A loan that “bridges” the gap between the sale of a home and the purchase of a new home.

Broker – a person or company that acts on the behalf of a client to facilitate a transaction.