Dave Clements
Managing Broker / Owner
(307) 214-1298
dave@wyo4sale.com

Shelley Clements
Associate Broker / Owner
(307) 630-5310
shelley@wyo4sale.com

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GLOSSARY OF TERMS

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balance sheet

A financial statement that shows assets, liabilities, and net worth as of a specific date.

 

balloon mortgage

A mortgage that has level monthly payments that will amortize it over a stated term but that provides for a lump sum payment to be due at the end of an earlier specified term.

 

balloon payment

The final lump sum payment that is made at the maturity date of a balloon mortgage.

 

bankrupt

A person, firm, or corporation that, through a court proceeding, is relieved from the payment of all debts after the surrender of all assets to a court-appointed trustee.

 

bankruptcy

A proceeding in a federal court in which a debtor who owes more than his or her assets can relieve the debts by transferring his or her assets to a trustee.

 

before-tax-income

Income before taxes are deducted.

 

beneficiary

The person designated to receive the income from a trust, estate, or a deed or trust.

 

binder

A preliminary agreement, secured by the payment or an earnest money deposit, under which a buyer offers to purchase real estate.

 

bi-weekly payment mortgage

A mortgage that required payments to reduce the debt every two weeks (instead of the standard monthly payment schedule).  The 26 (or possibly 27) biweekly payments are each equal to one-half of the monthly payment that would be required if the loan were a standard 30-year fixed-rate mortgage, and they are usually drafted from the borrower's bank account.  The result for the borrower is a substantial saving in interest.

 

blanket mortgage

The mortgage that is secured by a cooperative project, as opposed to the share loans on individual units within the project.

 

bond

An interest-bearing certificate of debt with a maturity date.  An obligation of a government or business corporation.  A real estate bond is a written obligation usually secured by a mortgage or a deed of trust.

 

breach

A violation of any legal obligation.

 

bridge loan

A form of second trust that is collateralized by the borrower's present home (which is usually for sale) in a manner that allows the proceeds to be used for closing on a new house before the present home is sold.  Also known as a "swing loan".

 

broker

A person who, for a commission or a fee, brings parties together and assists in negotiating contracts between them.

 

buydown mortgage

A temporary buydown is a mortgage on which an initial lump sum payment is made by any party to reduce a borrower's monthly payments during the first few years of a mortgage.  A permanent buydown reduces the interest rate over the entire life of a mortgage.

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