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Mortgage Explained - Mortgage Terms & Glossary!
 
Getting & applying for a mortgage loan has become so familiar, that everyone know and have an idea about it.. For more & in depth information you may scroll  through our online mortgage dictionary. eLoanCanada is pleased to offer its Learning Center with variety of educational articles & a comprehensive knowledge-base to help you navigate through the world of personal finance.
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Balloon Mortgage - Bankruptcy - Bequest - Bi-weekly Accelerated Payments - Bi-weekly Payments - Blanket Mortgage - Blended Payments - Bona Fide - Borrower (Mortgagor) - Broker - Broker Processing Fee - Building Code - Buy-Down Mortgage - Buyer's Market


Balloon Mortgage - Balloon mortgage loans are short-term fixed-rate loans with fixed monthly payments for a set number of years followed by one large final balloon payment for all of the remainder of the principal. Typically, the balloon payment may be due at the end of five, seven, or ten years. Borrowers with balloon loans may have the right to refinance the loan when the balloon payment is due, but the right to refinance is not guaranteed.

Bankruptcy - A proceeding in a federal court to relieve certain debts of a person or a business unable to pay its debts.

Bequest - A gift of personal property by will.

Bi-weekly Accelerated Payments - Payments are exactly half of a monthly payment amount, collected every two weeks, on the same day of the week. More aggressive than semi-monthly.

Bi-weekly Payments - A mortgage that requires 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 25-year fixed-rate mortgage. The result for the borrower is a substantial savings in interest.

Blanket Mortgage - A mortgage that covers more than one parcel of real estate.

Blended Payments - Equal payments consisting of both a principal and an interest component, paid each month during the term of the mortgage. The principal portion increases each month, while the interest portion decreases, but the total monthly payment does not change.

Bona Fide - In good faith.

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