Real Estate Glossary

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Balloon Mortgage 
A mortgage that typically offers low rates for an initial period of time (usually 5, 7, or 10) years; after that time period elapses, the balance is due or is refinanced by the borrower. 

a federal law whereby a person's assets are turned over to a trustee and used to pay off outstanding debts; this usually occurs when someone owes more than they have the ability to repay. 

a person who has been approved to receive a loan and is then obligated to repay it and any additional fees according to the loan terms. 

Building code
Based on agreed upon safety standards within a specific area, a building code is a regulation that determines the design, construction, and materials used in building. 

A detailed record of all income earned and spent during a specific period of time.