# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Cap: A limit, such as that placed on an adjustable rate mortgage, on how much a monthly payment or interest rate can increase or decrease..
Cash Reserves: A cash amount sometimes required to be held in reserve in addition to the down payment and closing costs; the amount is determained by the lender.
Certificate of Title: A document provided by a qualified source (such as a title company) that shows the property legally belongs to the current owner; before the title is transferred at closing, it could be clear and free of all liens or other claims.
Closing: Also known as settlement, this is the time at which the property is formally sold and transferred from the seller to the buyer; it is at this time that the borrower takes on the loan obligation, pays all closing costs, and recieves title from the seller.
Closing Costs: Customary costs above and beyond the sale price of the property that must be paid to cover the transfer of ownership at closing; these costs generally vary by geographic location and are typically detailed to the borrower after submission of a loan application.
Commission: An amount, usually a percentage of the property sales price, that is collected by a real estate professional as a fee for negotiating the transaction.
Condominium: A form of ownership in which individuals purchase and own a unit of housing in a multi-unit complex; the owner also shares finacial responsibility for common areas.
Conventional Loan: A private sector loan, one that is not guaranteed or insured by the U.S. government.
Cooperative (Co-op): Residents purchase stock in a cooperative corporation that owns a structure; each stockholder is then entitled to live in a specific unit of the structure and is responsible for paying a portion of the loan.
Credit History: History of an individual's debt payment; lenders use this information to gauge a ppotential borrower's ability to repay a loan.
Credit Report: A record that lists all past and present debts and the timelines of their repayment; it documents an individual's credit history.
Credit Bureau Score: A number representing the possibility a borrower may default; it is based upon credit history and is used to determine ability to qualify for a mortgage loan. |
