Texas Mortgage Loan - Glossary (B)

			Mortgage Glossary - B A B C D E F G H I J K L M N O P Q R S T U V W X Y Z balance sheet A financial statement that shows assets, liabilities, and net worth as of a specific date. balloon mortgage A mortgage that has level monthly payments that will amortize it over a stated term but that provides for a lump sum payment to be due at the end of an earlier specified term. balloon payment The final lump sum payment that is made at the maturity date of a balloon mortgage. bankrupt A person, firm, or corporation that, through a court proceeding, is relieved from the payment of all debts after the surrender of all assets to a court-appointed trustee. bankruptcy A proceeding in a federal court in which a debtor who owes more than his or her assets can relieve the debts by transferring his or her assets to a trustee. before-tax income Income before taxes are deducted. beneficiary The person designated to receive the income from a trust, estate, or a deed of trust. bequeath To transfer personal property through a will. betterment An improvement that increases property value as distinguished from repairs or replacements that simply maintain value

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