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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
Richmond home equity loans news:
Financial News
U.S. Stocks Slump, Capping Worst Week Ever for S&P 500 Index - Bloomberg
Oct. 10 (Bloomberg) -- U.S. stocks sank, capping the worst week ever for the Standard & Poor's 500 Index, on concern the escalating credit crises will snuff out consumer spending. Exxon Mobil Corp. tumbled 8.5 percent to a two-year low as oil fell ...

Home Loans 'Under Water' Grow, Pressure the Economy - Wall Street Journal
The relentless slide in home prices has left nearly one in six U.S. homeowners owing more on a mortgage than the home is worth, raising the possibility of a rise in defaults -- the very misfortune that touched off the credit crisis last year. The ...

Local lenders only slightly fazed by slowdown - Palladium-Item
As a co-owner of Tony's Car Sales Inc. in Richmond, Parker said he's not written a loan application in several weeks. The only car deals he's made recently were with cash or credit union customers. The 61-year-old family-owned car lot on the city's ...

Outlook: A Too-Wonderful Lifestyle - Washington Post
• Chat House : Michael Wilbon, 1:15 "For three generations, suburban homesteading has been underwritten by our infrastructure spending, our zoning policies, our banking regulations and our tax code. Easy credit, inexpensive mortgages, cheap ...

Alleging fraud, authorities raid voter group ACORN's canvassers filled ... - Las Vegas Review Journal
State authorities on Tuesday raided an organization that registers low-income people to vote, alleging that its canvassers falsified forms with bogus names, fake addresses or famous personalities. The secretary of state's office launched an ...

October September August July June May April March February January ... - Nypress.com
Well, it’s official: Rupert Murdoch (illustrated here in an episode of "The Simpsons") is the reigning king of corporate media and nothing sacred is safe from his grasp. According to The Wall Street Journal , News Corp has now secured enough votes ...

Election 2008 - Weekly Standard
Republican senator Saxby Chambliss will face a much tougher battle than previously expected in his reelection bid in Georgia, according to recent polls. Chambliss leads former state representative Jim Martin by only three points in a Strategic Vision ...

Citigroup May Sell Primerica to Flowers, Protective (Update2) - Bloomberg
Sept. 24 (Bloomberg) -- Citigroup Inc. , the U.S. bank seeking to shed assets, may sell its Primerica life insurance unit to J.C. Flowers & Co. and an Alabama insurer, people with knowledge of the talks said. Flowers, the New York-based private ...

Backlash Over Bailouts Grows in Congress, Wall Street (Update1) - Bloomberg
Sept. 19 (Bloomberg) -- As the U.S. government takes stronger measures to stabilize financial markets, some former Federal Reserve officials, lawmakers and Wall Street executives are saying too much has already been done. ``Every time they intervene ...

Anchor BanCorp seeks feds' permission to raise more capital - Wisconsin State Journal
Anchor BanCorp Wisconsin, parent company of AnchorBank, is seeking permission to sell up to $200 million in stock and other securities to raise capital to counter bad commercial loans and help finance its earlier purchase of a New Richmond bank. The ...

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