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

Day mortgage loans news:

U.S. Treasury says eyeing several housing programs - Reuters
CHICAGO, Dec 4 (Reuters) - Lowering U.S. mortgage rates through a program relying on Fannie Mae and Freddie Mac is just one of several options the U.S. Treasury is considering to support housing, a senior Treasury official said on Thursday. "We want ...

Halifax Defies Brown’s Demand to Pass on U.K. Interest Rate Cut - Bloomberg
Dec. 4 (Bloomberg) -- Halifax, the U.K.’s largest mortgage lender, defied Prime Minister Gordon Brown ’s demand to give consumers the full benefit of an interest-rate cut, saying its profit margins are under pressure. The unit of HBOS Plc said it ...

Treasury weighs action on mortgage rates - MSNBC
The Treasury Department is strongly considering a plan to intervene directly in the mortgage industry to dramatically force down rates and stimulate the moribund housing market, according to sources familiar with the proposal. Under the initiative ...

U.S. Stocks Gyrate as GM Falls, Wal-Mart Spurs Retailer Rally - Bloomberg
Dec. 4 (Bloomberg) -- U.S. stocks swung between gains and losses as General Motors Corp. dropped on concern it may file for bankruptcy and Wal-Mart Stores Inc. pushed retailers higher after reporting more-than-estimated sales. GM fell 4.1 percent ...

Fannie Mae, Freddie Mac Mortgage-Bond Yields Tumble (Update2) - Bloomberg
Dec. 4 (Bloomberg) -- Yields on Fannie Mae, Freddie Mac and Ginnie Mae mortgage bonds fell as Treasury Secretary Henry Paulson considers a plan to push home-loan rates down to 4.5 percent to curb the yearlong U.S. recession. Yields on Washington ...

U.S. mortgage applications reveal signs of life in housing - Globe and Mail
If you blinked you may have missed it. But on a day that featured another batch of dreadful U.S. economic data, there was a tiny sliver of light: U.S. mortgage applications rose last week. Actually, soared is more like it. According to the Mortgage ...

Home builders' shares soar as mortgage rates plunge - Forbes
NEW YORK (Reuters) - Shares of U.S. home builders rose Thursday as the beleaguered sector, floundering amid a protracted downturn, extended a six-day rally spurred by the largest drop in interest rates on 30-year fixed-rate mortgages in 27 years ...

Mortgage rates drop to lowest level since January - Miami Herald
WASHINGTON -- Rates on 30-year mortgages plunged this week to the lowest level since January after the government launched a sweeping new effort to aid the U.S. housing market. Mortgage finance giant Freddie Mac reported Thursday that average rates ...

Financial One, Inc. - PR.com
As an industry leader, Financial One offers mortgage and insurance services to both residential and commercial clients. In addition to providing an abundance of convenient alternatives at the lowest cost possible, Financial One's executive team is ...

FDIC's Bair warns investors fighting loan changes - Miami Herald
WASHINGTON -- Investors in mortgage securities who are challenging home loan modification programs aimed at avoiding foreclosures could provoke a "backlash" from Congress, the head of the FDIC said Thursday. Sheila Bair, the chairman of the Federal ...