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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
Love mortgage rates news:
Financial News
For homeowners in trouble, little to love - Raleigh News & Observer
20 million - U.S. households who will owe more on their mortgages than their homes are worth within 12 to 18 months -- or roughly 40 percent of U.S. borrowers. 19 million - U.S. households spending 30 percent or more of their income on mortgage ...

Adjustable-rate mortgage meant for repairs costs woman her house - Chronicle-Telegram
COLUMBIA TWP. — Evelyn Hunt sits quietly at her kitchen table, a newspaper spread out in front of her and a cup of coffee at hand. It’s when she sits here — where she can glance up and see the cabinets that she helped her former husband hang ...

A Square Deal for the Mortgage Crisis - Blogcritics.org
See also: » Rejoice: The Impending Collapse of Global Capitalism? » Darfur and Sudan: A Revolution in the Making » Our Only Hope For Better Policy Is A More Informed Electorate As the Senate works through the night on a new mortgage bailout plan ...

18 Tough Questions (and Answers) About the Bailout - Time
Traders work on of the floor of the New York Stock Exchange. Not entirely clear. Paulson and Bernanke described it as a way to jumpstart trading in mortgage securities for which there's no market at the moment, thus allowing banks to clean up their ...

Quebec, Ontario swing against Tories - Globe and Mail
D Le5 from Canada writes: Hi CPC remember us?? Ontario...you know the ones you enjoy bashing to get support across Canada (Ontario/Toronto bashing is a National sport apparently). Well it looks that now that you ticked off Quebec (the Province you ...

Taking the House: Will the Bailout Bill Survive? - Love 101.1
NEW YORK (Reuters) - Shockwaves from the global credit crisis spread on Thursday, hitting industry and jobs worldwide and putting pressure on the U.S. Congress to finish up a $700 billion bailout of the U.S. financial sector. Backers of the bailout ...

More Business - San Francisco Gate
The Hope for Homeowners program, or H4H, passed as part of a housing reform bill in July, authorizes the Federal Housing Administration to help troubled homeowners refinance into 30-year fixed-rate mortgages. The actual refinancing would be done by ...

Bush Discusses Emergency Economic Stabilization - Scoop
THE PRESIDENT: Thank you all. (Applause.) Thank you very much. David, thank you for the introduction, and thank you for the warm welcome. I'm pleased to be here at Guernsey Office Products. I want to thank all of you all for working hard to make this ...

Financial advisers provide answers to your crisis questions - Detroit Free Press
The Free Press hosted a live chat today with three experts on the pending $700-billion bailout and the continuing real estate crisis is Michigan. Our live experts were: • Dianne Reichel, group manager for GreenPath Debt Solutions. • Jack Riashi ...

Mortgage industry welcomes federal fix - AZCentral.com
The government takeover of mortgage giants Fannie Mae and Freddie Mac instantly made it cheaper and easier to get a fixed-rate mortgage in Arizona and around the country. That could provide a welcome nudge for prospective home buyers and for existing ...

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