Today's Mortgage Terms starting with C

Cash To Close:

Liquid assets that are available on hand for payment of closing costs involved in the processing of a mortgage transaction.

Closing:

The completion of a real estate transaction. The closing includes the delivery of a deed, financial adjustments, signing of notes and disbursement of funds required to finalize the sale and loan transaction.

Closing Costs:

Fees generally paid by the borrower in relation to the closing of a mortgage loan.

Collateral:

Property pledged as security for a debt.

Conforming Loan:

Conventional home mortgages eligible for sale and delivery to either the Federal National Mortgage Association (FNMA) or the Federal Home Loan Mortgage Corporation (FHLMC). These agencies generally buys first mortgages up to loan amounts approved by Congressional directive.

Conventional Loan:

Loans that are not part of any government housing program, free of any restrictions of government insured housing programs, such as loan size limits.

Conversion Clause:

A feature in certain ARMs that gives you the option to convert the variable rate loan to a fixed-rate loan, usually after the first adjustment period. The new fixed rate will be set at current rates and there could be a fee for the conversion feature.

Convertible ARM:

A type of ARM loan that can be converted to a fixed-rate loan after a certain time period.

Covenant:

A clause in a contract that obligates or restricts the parties and if broken, can result in a legal action.

Credit Bureau:

It is a clearinghouse for credit history information.

Credit Report:

A report containing a detailed credit history of an individual.

View all Terms

Kay mortgage rates news:

Central bank faulted for low pay, irrelevant studies - Globe and Mail
G Montcler from Canada writes: Thank heavens for the Central Banks of the US, UK and EU. Anyone following the sayings of the Bank of Canada is courting disaster. If this were the private sector, heads would roll but this is Ottawa on the Rideau so ...

August 2008 - Posts - MSNBC Firstread
Ted Stevens , the grand-daddy of Alaskan politics, has a wary relationship with the new Republican VP pick -- Alaska Gov. Sarah Palin . When Palin was running for governor in 2006, she ousted long time Alaska fixture Frank Murkowski in a hard fought ...

Motorists with insurance end up paying more - WOWT
More than 20 drivers a day in Omaha are caught and later convicted of driving without insurance. The numbers indicate chances are good you could be in an accident caused by someone unable to pay for damages or medical bills. A Christmas Eve crash ...

History's Back - Weekly Standard
Here’s what Barack Obama told Time ’s Karen Tumulty and David Von Drehle earlier this week, when asked what we would learn about him from his vice presidential pick: Hopefully, the same thing that my campaign has told the American people about me ...

The Battle Is Joined - Inside Higher Ed
It was only a matter of time: New York’s attorney general plans to sue a college for the first time in his expanding student loan investigation. And his target — Drexel University — accused the state official of unfair tactics and vowed to ...

Housing thaw on the way? - Arlington Heights Daily Herald
Realtor Connie Hofherr sold a home in Palatine for $430,000 in just five days in February, and her colleagues at Starck Realtors in Mount Prospect also sold some homes. "Sales are definitely up, but certainly not where they were two or three years ...

Sallie Mae Directors to Profit Handsomely - Inside Higher Ed
When the directors of Sallie Mae meet next week to consider a $25 billion offer to buy the student loan giant, they will be voting on a transaction that will benefit the company, and also themselves — significantly. A proxy filing by Sallie Mae ...