B
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Balloon Mortgage |
| A mortgage that
typically offers low rates for an
initial period of time (usually 5, 7, or
10) years; after that time period
elapses, the balance is due or is
refinanced by the borrower. |
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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
repay. |
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Borrower |
| a person who has been
approved to receive a loan and is then
obligated to repay it and any additional
fees according to the loan terms. |
| |
Building code |
| 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. |
| |
Budget |
| A detailed record of all
income earned and spent during a
specific period of time. |
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If you have any
questions or would like more information, please contact me
828.262.1836, 800.473.2653, 828.963.0376,
email me, or use the online request form.
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