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Balance Transfer |
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The term used to refer to transferring the amount owed (balance) from one credit card to another. Credit card issuers are typically eager to get you to transfer the balance of your other cards to them so they can begin charging interest on that balance. Because of this they will typically make it very easy for you to do so and often offer a lower interest rate if you do, or a grace period of no interest charges. |
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Balance Transfer Fee |
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A balance transfer fee charged to customers for transferring an outstanding balance from one credit card lender to another credit card lender. |
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Balloon Mortgage |
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A balloon mortgage is a mortgage that has level monthly payments that will amortize itself over a stated term period. Generally a lump sum payment is due at the end of an earlier specified term period. |
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Bank |
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A financial institution that acts as a financial intermediary by receiving money from it's depositors and lenders.
A bank must be chartered and meet certain criteria in order to be called a bank. Chartering is handled by the comptroller of the currency for national banks, by the Federal Reserve System for State member banks, by the Federal Deposit Insurance Corporation (FDIC) for insured banks, and by State Regulatory Agencies. |
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Bank Holding Company |
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A financial company that owns or controls one or more banks or companies associated with banking such as leasing companies, credit companies, etc. A Bank Holding Company is usually identified by the word Bancorp or Bancshares within it's name. The Federal Reserve Board of Governors regulates all bank holding companies. |
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Bankruptcy Code |
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The terminology "bankruptcy code" is an informal name for the well known terminology of Title 11 of the United States Code (11 U.S.C. § 101 - 1330), within the federal bankruptcy law. |
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Bankruptcy Trustee |
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A privately appointed individual or corporation appointed in all Chapter 7, Chapter 12, and Chapter 13 cases to represent the interests of the bankruptcy estate and the debtor's creditors. |
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Basis Point |
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The Basis point equals One one-hundredth (1/100th) of a percentage point. The difference between 6.04 percent and 6.05 percent equals one basis point. |
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Beacon Score |
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A Beacon Score is the credit score that many lenders will look at when determining if a loan borrower is credit worthy. Part of the determination process is determined by the negative entries for late payments, and positive payment entries made on time. Note: Each time you apply for any form of credit, it becomes a negative entry. |
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Bill Presentment |
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An online billing system manager that allows customers to receive and view their bills on a computer, and then pay the bill electronically. Users can pay their bills immediately and the money is automatically transferred from their account balance. |
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Billing Cycle |
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The actual number of days between the last billing statement date and the current billing statement date. This is generally about 25 - 28 days. |
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Billing Statement |
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The monthly billing statement sent by a credit card issuer to the credit card customer. The billing statement provides a detailed summary of all activity on the account, including balance, purchases, payments, credits and all applicable finance charges. |
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Blanket Mortgage |
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A blanket mortgage is a loan that is secured by a cooperative project. |
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Broker |
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A broker is an agent who for a small fee will bring potential buyers together with a seller, and generally assists the seller to negotiate a contract between the buyer and the seller. |
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Buydown Mortgage |
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There are two kinds of buydown mortgages.
A temporary buydown is an initial lump sum payment made by any entity to reduce a borrower’s monthly payments obligation during the first few years of the loan term. A permanent buydown reduces the interest rate over the entire life of the mortgage loan term. |
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