The latest defined terms, starting with the letter B:
This is a detailed record of all income earned and spent during a specific period of time.Continue reading "budget"
A set of rules and requirements, based on agreed upon safety standards within a specific area, a building code is a regulation that determines the design, construction, and materials used in building.Continue reading "building code"
A person who is in the application process or has been approved to receive a loan, and is then obligated to repay it and any additional fees according to the loan terms.
A legal proceeding, according to Federal law, in which 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 repay.
This is a mortgage that typically offers low rates for an initial period of time (usually 5, 7, or 10) years, and after that time period elapses, the balance (usually quite large, hence the term 'balloon') is due or is refinanced by the borrower.