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The best decisions start with the best information.™
Though it's been noted a thousand times before it’s nevertheless true; buying a home is one the most important financial decisions you will make. If you're planning to buy or sell a home in South Surrey / White Rock, then you'll want to make use of the information that we've assembled here in our resource section. Take a look through this section to get the information you need and don't hesitate to contact us with any questions. As always, our commitment is to provide you with the best information along with the best service to make your next move the right move.
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Glossary
Blended Payment:
A mortgage payment that includes principal and interest. It is paid regularly during the term of the mortgage. The payment total remains the same, although the principal portion increases over time and the interest portion decreases.
Back Title Letter
A document that a title insurance company gives to an attorney specifying condition of the title.
Backup Offer
A bid for a property that the owner will consider if the current transaction falls through.
Bad Debts
Money you can't collect. Businesses are allowed to deduct bad debts under certain circumstances. If a bad debt is personal, it may be deducted in some cases as a short-term capital loss. Loans between family members generally are classified as non-business.
Balance
The amount of money in your account.
Balance Sheet
A report of financial condition, including assets, liabilities and net worth.
Balance Transfer
The process of moving an unpaid credit card debt from one issuer to another. Card issuers sometimes offer teaser rates to encourage balance transfers coming in and balance transfer fees to discourage them from going out.
Balance Transfer Fee
Fee charged customers for transferring an outstanding balance from one card to another.
Balloon Loan
A loan in which the payments aren't set up to repay the loan in full by the end of the term. At the end comes the balloon payment -- one that is larger than the other, periodic payments and pays off the remaining principal.
Balloon Mortgage
A loan that has regular monthly payments which amortize over a stated term but call for a final lump sum (balloon payment) at the end of a specified term, or maturity date, such as 10 years.
Balloon Payment
A loan installment that is larger than the other, periodic payments and pays off the remaining principal.
Bank
An institution that acts as a financial intermediary by receiving money from depositors and lenders and also lending to borrowers.
Bank Spread
The difference between the interest rate a bank charges a borrower and the interest rate a bank pays a depositor.
Bank Wire
An electronic payment system for the transfer of money between banks.
Bankruptcy
A court action by which a debtor's debts may be discharged, usually by transferring assets to a trustee, or rescheduled.
Bankruptcy Trustee
A private individual or corporation appointed to undertake bankruptcy proceedings for a individual or corporation.
Basis Point
A unit of measure: 1/100th of one percent. For example, the difference between a 9.0% loan and a 9.5% loan is 50 basis points.
Buyer’s Market:
A market condition where there are a higher number of homes to choose from, than buyers able to purchase. Houses will typically remain un-sold for longer periods and tend to sell at a lower price, allowing for increased negotiating leverage for buyers.
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