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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 ("the balloon") for all of the remainder of the principal. Typically, the balloon payment may be due at the end of 5, 7, or 10 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. FIRM COMMITMENT A definite undertaking by a lender to loan a set amount of money at a specified interest rate for a certain term. COURTESY TO BROKERS The practice of sharing commissions with cooperating brokers. ABSTRACT OF TITLE A concise, summarized history of the title to a specific parcel of real property, together with a statement of all liens and encumbrances affecting the property. The abstract of title does not guarantee or assure the validity of the title of the property. It merely discloses those items about the property which are of public record, and thus does not reveal such things as encroachments, forgeries, and the like. NOTICE OF DEFAULT A notice to a defaulting party that there has been a default, usually providing a grace period in which to cure the default. |
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