Glossary of Terms

• Balloon Note

  A note calling for periodic payments which are insufficient to fully amortize the face amount of the note prior to maturity, so that a principal sum known as a "balloon" is due at maturity.
  
  
• Bankrupt

  A person who, through a court proceeding, is relieved from the payment of his/her debts after surrender of all his/her non-exempt assets to a court-appointed trustee. After claiming bankruptcy, a person must reestablish credit and wait a minimum of two to three years before applying for a loan.
  
  
• Bill of Sale

  An instrument by which one transfers personal property.
  
  
• Breach (also called Default)

  Failure to comply with the terms of a contract.
  
  

• Balloon Payment

  The final payment on an obligation that is larger than a regular installment payment. (See balloon note).
  
  
• Bi-weekly Mortgage

  Typically, a fixed rate mortgage on which payments are due and payable every two weeks. Since a total of 26 bi-weekly payments (equivalent to 13 monthly payments) are made annually, loans of this type are paid off more quickly than loans requiring 12 monthly payments per year.
  
  
• Blanket Mortgage

  A mortgage covering more than one property of the mortgagor (i.e. a mortgage covering all the lots in a subdivision).
  
  
• Broker (Real Estate)

  One who engages in any of several sorts of business activities relating to the financing, rental or sale of real property or business opportunity, and is licensed by the Wisconsin Department of Regulation and Licensing.