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Mobile Home Finance Dictionary > B
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As a service to our customers, we've compiled a mobile home loan dictionary. Anything you need to know should be answered here. |
Looking for a specific term? Our mobile home dictionary is organized by letter.
Balance sheet: A statement of the financial condition of a business as of a certain time showing its assets, liabilities and capital.
Balloon Payment Mortgage: A loan with fixed monthly payments based on a 30-year schedule of payments, but the entire balance of the loan comes due at the end of a set period, usually five, seven or ten years. CAMHF does not offer balloon payment mortgages and does not endorse or recommend their use.
Bank: A depository institution chartered under federal and state regulations that offers services such as checking accounts, savings accounts, consumer loans, safe-deposit boxes, investment services and automatic payment of bills.
Bankruptcy: The inability of a debtor to pay one's financial debts when due and where relief has been sought and has been granted though a special court action that makes it possible to resolve or eliminate the debtor's debts.
Beneficiary: (1) A party entitled to the benefit of a trust; (2) A party who receives profit from an estate, the title of which is vested in a trustee; (3) A party to whom a insurance policy is payable; (4) The lender on the security of a note and trust deed.
Book value: The current value for accounting purposes of an asset expressed as original cost, plus capital additions and less accumulated depreciation.
Borrower: The person who applies for and obtains a manufactured home mortgage loan.
Breach of contract: The violation of any terms or conditions in a contract without having a legal excuse such as the failure to make a loan payment when due.
Budget: A financial plan for spending and saving money.
Building codes: A systematic method established by ordinance or law of regulating and setting minimum construction standards for buildings within a municipality to protect the public's safety and health.
Building Permit: A written permit that must be purchased from the local government by anyone doing remodeling or rehabilitation work on a property.
Buy-Downs: Points a borrower pays in advance to lower the interest rate. Only recommended for long term ownership. CAMHF can sometimes finance Buy Down points into the mobile home loan.
Buyer's Agent: A real estate professional who enters into a contract of agency relationship with a buyer, and typically gets paid by splitting the sales commission with the selling or listing agent.
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