Mortgage Glossary:B

To help you stay savvy in the world of bonds and home financing, we begin at the beginning by taking a look at the letter B in our Mortgage Glossary.

Amount outstanding on the original loan

Bad Faith Estimate
The practice of enticing bond shoppers with a low estimation of settlement costs of the good faith estimate in an attempt to make the amount more attractive to potential buyers.

Bond Originator
A company or individual who sources the best finance and terms with various lenders for you to purchase a property

Bond Term
The length of time you will pay off your home loan

Bond Fees
Charges which need to be paid to the registration attorney, conveyance fees, VAT and stamp duty

An itemized calculation of your income and expenses for a certain period of time in the future, usually a monthly forecast of how much money comes in and how much of it goes out to various categories; utilities, accounts, rent and so on.

Building Bond
A home loan available for those who wish to build their own home

Bond Switching
The process of transferring your bond from one lender to another


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