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- Caps:
A set percentage by which an interest rate or monthly payment can change
in an ARM, ither at each adjustment or over the life of the mortgage.
- Cash Flow:
The amount of cash derived over a certain period of time from an income-producing
property.
- Cash Out Refinancing:
When the principal amount of a new mortgage is greater than the principal
amount outstanding of the existing mortgage, and all or a portion of the equity
is converted to cash.
- CC&R's - Covenants, Conditions and Restrictions:
A document that controls the use, requirement and restrictions of a property.
- Certificate of Completion:
A document issued by an engineer or an architect stating that construction
is complete according to specifications.
- Certificate of Occupancy:
Written authorization given by a local municipality that allows newly completed
or substantially renovated structure to be inhabited.
- Certificate of Reasonable Value (CRV):
A document that establishes the maximum value and loan amount for a VA guaranteed
mortgage.
- Chain of Title:
A chronology of documents transferring title from the original owner to the present
owner.
- Charge Off:
Also referred to as a profit/loss write off. A debt that cannot be collected.
- Clear Title:
Unencumbered title to real property, free of liens or defects.
- Closing:
Also referred to as settlement. The delivery of a deed, the signing of a note,
and the disbursement of funds necessary to consummate a sale or loan transaction.
- Closing Costs:
Fees paid by the borrower when a property is purchased or refinanced.
- Cloud on Title:
Also referred to know as "A title defect." Any outstanding claim or
encumbrance which would affect or impair title.
- Co-Borrower:
Additional person equally responsible for payments on a mortgage.
- Collateral:
Personal property pledged as security for a debt.
- Collection Account:
A delinquent consumer debt, which has not been able to be collected by the grantor.
- Combined Loan to Value (CLTV):
The principal balance of all mortgages on the property divided by the value of
the property.
- Commitment:
A written agreement, between a lender and a borrower, to loan money at a future
date under specified conditions. In secondary marketing, a written agreement between
a lender and an investor to buy and sell mortgages under specific terms.
- Comparables:
Comparable properties used to determine the value of a subject property in an
appraisal.
- Compensating Factor:
A positive characteristic of a mortgage applicant which may offset a negative
factor.
- Condominium:
A form of real estate ownership whereby the purchaser receives title to a unit
in a multi-unit structure and proportionate interest in common areas.
- Conforming Mortgage Loan:
A mortgage loan that meets required size, type and age to be eligible for purchase
by federal agencies.
- Construction Loan:
A short-term loan to finance the cost of construction.
- Consumer Credit Counseling Service (CCCS):
A service that negotiates reduced payments/balances for clients who cannot manage
their current debts.
- Contingency:
A condition that must be satisfied before a contract is binding.
- Contract of Sale:
A contract between a purchaser and seller of real property to convey title after
conditions have been met.
- Conventional Loan:
A mortgage that is neither insured by the FHA nor guaranteed by the VA.
- Conversion:
The right of a borrower to convert an adjustable or balloon loan into a fixed
rate loan.
- Conversion Clause:
A provision in some ARMs that enables you to change an ARM to a fixed-rate loan.
- Convertible Mortgage:
A type of adjustable rate mortgage that may be converted to a fixed-rate mortgage
at specified intervals during a predetermined time period.
- Conveyance:
The act of transferring title or a piece of real property.
- Cooperative (Co-op):
In real estate, a form of multiple ownership in which an entity holds title to
a property and grants occupancy rights to shareholder tenants through proprietary
leases.
- Corporate resolutions:
The formal actions by the board of directors of a corporation approving a transaction
or decision.
- Cost Approach:
An appraisal method estimating the replacement cost of a structure minus the depreciation,
plus the land value.
- Cost of Funds Index (C.O.F.I.):
Index based on the cost of funds of the 11th District of the Federal Home Loan
Bank, used to determine interest rate changes for adjustable rate mortgages.
- CRB - Certified Residential Broker:
A broker who is a member of the National Association of Realtors, has five years
experience as a licensed broker and has completed five required Residential Division
courses.
- Credit Rating:
A rating given to a person or company based on their creditworthiness or risk
profile.
- Credit Report:
A report by an independent credit agency verifying information concerning an applicant's
credit standing.
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Equal Housing Lender. Casa Blanca Mortgage, Inc., DBA Shearsons Mortgage. Some products may not be available in all states. ©2005 Shearsons Mortgage. All rights reserved.
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