Use our real estate glossary for work, school, or general knowledge.
Backup Offer: A secondary bid for a property that the seller will accept if the first offer fails.
Balloon Payment: A loan with monthly payments too low to pay off the balance in the specified term. The balance must be paid in full when the loan comes due — typically within three to five years.
Bi-Weekly Mortgage: A mortgage that requires payments every two weeks and helps repay the loan over a shorter term. See our mortgage calculator
Broker: A person who has a real estate broker’s license, who may not only make real estate transactions for others in exchange for a fee (or other consideration), but also may operate a real estate business and employ sales associates and other brokers.
Buyer – Broker: A real estate broker who exclusively represents the buyer’s interests in a transaction and whose commission is paid by the buyer rather than the seller.
Buy Down: A method of lowering the interest rates on a mortgage, either temporarily or for the entire term of the loan. Often points are paid up front to make up the difference between the rate actually charged on the mortgage and the rate at which the buyer pays. Practically anyone — sellers, buyers, home builders, relatives, etc. — can buy down rates.
Buyer Pool: The entire market of prospective home buyers in a specific area or looking for a type of home.
Buyer’s Remorse: An emotion felt by first-time homebuyers (anything you buy- coat, car etc) after signing a sales contract or closing the purchase of a house. Example: “Why did I buy that? I can’t believe….”