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| Back-end Debt Ratio |
This refers to the borrower's debt ratio and is calculated using a borrower's total of monthly payments due on credit obligations divided by the borrower's gross monthly income. It's expressed as a percentage. See DEBT RATIO (DR)
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| Balloon Payment |
A large payment due at the end of a loan contract. Equal to the remaining principal balance plus any interest and charges due.
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| Bankruptcy (BK) |
Court proceedings to relieve the debts of an individual or business unable to pay its creditors. See CHAPTER 13 BK, CHAPTER 7 BK
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| Beneficiary |
The entity or lender that funds the loan and to which the loan is owed.
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| Beneficiary's Demand |
Written instructions by a beneficiary under a deed of trust or mortgage stating and demanding the amount necessary for payoff of a lien in full.
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| Borrower |
One who borrows money and is responsible for repaying it to the lender. Also known as obligor. If the loan is secured by a mortgage, the borrower is known as a mortgagor.
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| Borrower Savings |
The monthly savings a customer will experience by consolidating/paying off debt with a debt consolidation loan. Monthly savings equals current monthly payments less new monthly payments.
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| Bridge Loans |
If you found the home of your dreams but have not sold your current home yet it can be frustrating that you may lose the chance to buy that new home. Well not at Drew!! We offer Bridge Loans. A Bridge loan allows you to use the equity in your current home that is listed for sale with a new Bridge Loan from Drew Mortgage to purchase the new one. Don’t worry about making two mortgage payments because we handle that too. We escrow the first six to nine months of your payments on the bridge loan thus allowing you not to have to make two mortgage payments until your old home sells.
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| Broker |
One who acts as an intermediary between parties to a transaction in exchange for a fee or commission.
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| Business for Self (BFS) |
Customers who own their own business. Another word for self-employed.
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| Business License |
A license that authorizes a business to operate and is typically required and issued by the city in which the business is located.
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