Real Estate Glossary
A mortgage that requires payment of the entire outstanding balance at the end of a specified term. A loan may be paid off at a twenty year rate, for example, but at the end of ten years, the remaining amount would have to be paid in total.
bill of sale
Written documentation of a sale. For example, such documentation is often used if an item of value is sold to generate funds for a down payment.
The mortgage financing that takes place between the termination of one loan and the beginning of another.
A mortgage financing technique in which the seller or builder makes a payment to the lender. This reduces payments for the buyer for a fixed number of months.