B Glossary Terms

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BALLOON PAYMENT
A short term fixed-rate loan with payments for a set number of years and one large final payment of the remainder of the principal.

BANKRUPTCY
When an individual who, through court action, is relieved from payment of all debts.

BREACH OF CONDITIONS
Failure to live up to the conditions of the lease or sales contract.

BUYDOWN
A sum of money paid to the lender at closing to reduce the borrower’s out of pocket monthly payment. A buy down can be temporary or permanent.