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Backfill
The replacement of excavated dirt into a hole, crevice or against a structure such as a foundation.
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Backup Contract
A contract to buy property that becomes effective if a prior contract fails to be agreed upon.
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Balance Sheet
A financial statement in a table form that shows assets, liabilities and net worth.
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Balloon Mortgage
A short-term fixed-rate loan which involves smaller payments for a certain period of time and one large payment for the entire balance due at the end of the loan term.
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Balloon Payment
The final payment that is made at the maturity date of a balloon mortgage and pays the loan in full.
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Bankrupt
A person, company, or corporation that, through formal court proceeding, is relieved from the payment of all debt after the surrender of some or all assets to a court-appointed trustee.
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Bankruptcy
A court proceeding in which a debtor, who owes more than his assets, can relieve the debts by transferring his assets to a trustee.
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Beige Book
A survey of economic conditions, conducted in the Federal Reserve's 12 regional banks, in preparation for Federal Open Market Committee meetings. Frequency: twice per quarter. Source: Federal Reserve.
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Beneficiary
The person designated to receive the benefits resulting from certain acts.
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| Bequeath
- To transfer personal property through a will or last testament. Compare with devise. |
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| Betterment
- An improvement that increases property value as opposed to repairs or replacements that simply maintain value. |
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| Bi-weekly Payment Mortgage
- A mortgage that requires payment to reduce the debt every two weeks instead of monthly. The 26 (sometimes 27) biweekly payments are each equal to one-half of the monthly payment that would be required with a standard 30 year fixed-rate mortgage. The result is a faster loan balance reduction with substantial savings in interest. |
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| Bill of Sale
- A written instrument that transfers title to personal property. |
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| Billing Error
- Any mistake in your monthly statement as defined by the Fair Credit Billing Act. |
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