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Balloon Payment is any payment of principal over and above the regular payment.

Bank Rate is the rate at which the Bank of Canada charges loans to the chartered banks. This is the rate on which lending institutions base their prime lending rate.

Basis Point is one-hundredth of one percent. Used to describe the amount of change in yield in money debt instruments, including mortgages.

Beacon Score is the name given to the credit score published by Equifax.

Binder Insurance is a temporary agreement where one party agrees to insure another party while awaiting receipt of, and final action on, the application for insurance.

Blanket Mortgage is a single mortgage registered against two or more individual parcels of real property.

Blended Payments are regular equal mortgage payments combining, or blending, interest and principal components in one constant payment.

Blended Rate is the rate that results from the blending of an existing mortgage and a new mortgage with differing interest rates into one consolidated mortgage. The calculation to determine the final rate takes into account both interest rates and the amount of principal for each of the component loans.

Bridge Financing is a loan provided to borrowers to provide financing for purchase, pending closing of the sale of their existing property.

Builder's Loan is a loan designed for borrower's who need financing for construction projects. These differ from normal loans as the funds are received in stages (also known as draws) during the building process to protect the lender from construction abandonment.

Buy Down is a lump sum payment as consideration for the reduction in the interest charged on a loan from that which would normally be charged.

 

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Walter Pawlowski Ontario Mortgage Agent M11002486