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Glossary of terms and acronyms used on this site

There are 93 entries in this glossary.
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Term Definition
Balloon Loan or 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. Source: www/hud.gov


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. Source: www.hud.gov

Biweekly Payment Mortgage

A mortgage paid twice a month instead of once a month, reducing the amount of interest to be paid on the loan. Source: www.hud.gov


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. Source: www.hud.gov

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. Source: www.hud.gov

Buy Down

The seller pays an amount to the lender so the lender provides a lower rate and lower payments many times for an ARM. The seller may increase the sales price to cover the cost of the buy down. Source: www.hud.gov

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