Today's Mortgage Terms starting with B

Bankruptcy:

A legal procedure in a federal court to relieve certain debts of a person or a business that is no longer able to pay its debts. Chapter 7 bankruptcy removes all debts. Chapter 13 lets a borrower with and income to pay bills off over a set period of time.

Bearer:

The legal owner of a property.

Bill of Sale:

A document that details the transfer of property.

Biweekly Mortgage:

A mortgage with payments due every two weeks, totaling 26 payments a year, two payments more than a mortgage with monthly payments. The two extra payments lowers significantly the interest paid over the life of the mortgage.

Blanket Mortgage:

A mortgage that includes more than one piece of real estate

Borrower (Mortgager):

An individual who makes an application for and receives funds in the form of a loan and is obligated to repay the loan in full under the conditions of the loan.

Broker:

An individual who gets buyers and sellers together and helps in negotiating contracts for a client.

Buy-Down Mortgage:

A mortgage loan with a lower than market rate for a determined period of time.

Buyer’s Market:

Market conditions that favor buyers. When there are more properties for sale than buyers, sellers may be forced to provide price discounts to close the transaction.

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Owen mortgage rates news:

Crisis hits mortgage rates - Ottawa Sun
TORONTO — One of Canada’s biggest mortgage lenders, TD Canada Trust, is increasing the interest rate charged for its home equity line of credit and variable-interest mortgages. The bank has been charging its prime rate for its Home Equity Lines ...

Homeowners robbed of $500k a day as banks swipe rates cash - News.com.au
THE big banks are set to deny struggling homeowners $500,000 a day in loan repayments by refusing to pass on today's expected 0.5 per cent cut in official interest rates. The Reserve Bank of Australia is expected to cut official rates to 6.5 per cent ...

Banks to keep $500k a day from your rate cut - News.com.au
THE big banks are set to deny struggling homeowners $500,000 a day in loan repayments by refusing to pass on today's expected 0.5 per cent cut in official interest rates. The Reserve Bank of Australia is expected to cut official rates to 6.5 per cent ...

TD Canada Trust lowers prime lending rate - Winnipeg Sun
TORONTO — One of Canada’s biggest mortgage lenders, TD Canada Trust, has declined to match the full half percentage point cut in interest rates announced by central banks in several countries. The retail banking arm of Toronto-Dominion Bank (TSX ...

Deflation Threat Returns as Asset Markets Decline (Update1) - Bloomberg
Oct. 6 (Bloomberg) -- As Federal Reserve Chairman Ben S. Bernanke and his global colleagues fight the worst financial crisis since the 1930s, one danger is looming larger by the day: deflation. With asset markets tumbling, commodity prices plunging ...

Kat Wilson from Canada writes: Canada 1, you may be interested in the ... - Globe and Mail
In his first budget as Harper's finance minister, Jim Flaherty invited 'new players' - that is, U.S financial corporations - into Canada's mortgage insurance market and doubled the amount of government money available to back up private insurers from ...

Brown will punish 'irresponsible' fat cats - Times Online
Bankers and financiers who take irresponsible risks should be “punished” for their actions, Gordon Brown said today. Following yesterday’s massive Government bailout for the banks, the Prime Minister spoke of his anger at the way some in the ...

Government to stabilize lending industry: Flaherty - Winnipeg Sun
OTTAWA — Finance Minister Jim Flaherty has announced government measures aimed at stabilizing the country’s troubled lending industry — measures he predicts will prod banks to further lower their lending rates. Flaherty says the Canada Mortgage ...

It ain't over yet - Ottawa Sun
TORONTO — Investors should be braced for more dizzying volatility this week following a week of steep losses as the freeze in global credit markets deepens despite concerted rate cuts by central banks and action by governments to supply liquidity ...

Heads should roll in City after £250bn rescue package is announced - This is Gloucestershire
NEWS of the £250 billion rescue package for UK banks has been welcomed in Gloucestershire, but with calls for tougher regulation in the City. Chancellor Alistair Darling announced the Government's £50 billion emergency rescue plan with the Bank of ...