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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
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Rush is on to get rescue plan moving - Seattle Post Intelligencer
WASHINGTON -- With the world's financial markets on a stomach-churning ride, the Bush administration is scrambling to get a $700 billion rescue effort for the U.S. banking system up and running. And Europe's central banks began to take unified ...

Fannie, Freddie to Step Up Purchases of Troubled Mortgage Bonds - Bloomberg
Oct. 13 (Bloomberg) -- Fannie Mae and Freddie Mac are ready to start purchasing $40 billion a month of underperforming mortgage bonds as the U.S. government expands its options to remove troubled assets from the slumping financial markets, according ...

Oct 13, 8:06 AM EDT - Associated Press
WASHINGTON (AP) -- The Bush administration says it is moving quickly on a number of fronts to get a $700 billion rescue program up and running, including consulting with private law firms on the best way to buy ownership shares in a broad number of ...

Santander in Talks to Buy Rest of Sovereign Bancorp (Update2) - Bloomberg
Oct. 13 (Bloomberg) -- Banco Santander SA is in talks to buy Sovereign Bancorp Inc., the largest remaining U.S. savings and loan, in what would be the third acquisition of a troubled lender in three months by Spain's biggest bank. Santander ...

White House scrambles to get rescue plan moving - WNYT
(AP) WASHINGTON - With world financial markets on a stomach-churning ride, the Bush administration is scrambling to get a $700 billion rescue effort for the banking system up and running. It’s a daunting task, putting together what will be one of ...

Kashkari's Outline of Government Rescue Plan - CNBC
Washington- Good morning and thank you for that kind welcome. I am here today to provide a comprehensive update on the Treasury Department's progress in implementing the Troubled Asset Relief Program (TARP). As you know, our credit markets are frozen ...

Middle class finds itself buried in debt - Detroit Free Press
Both have been humbled by bad debt, the thread that ties the economic struggles of ordinary Americans to the once-venerable financial houses brought to their knees in recent weeks. It was Berthet's mortgage foreclosure, multiplied by at least a ...

McCain vows to whip Obama's 'you-know-what' - San Francisco Gate
Monday, October 13, 2008 McCain made that pledge as top advisers said he is weighing new economic proposals to help the nation weather the financial crisis. Addressing several dozen volunteers at his campaign headquarters outside Washington, the ...

US moves to get $700B bank rescue effort started - Times Union
WASHINGTON -- The Bush administration says it is moving quickly on a number of fronts to get a $700 billion rescue program up and running, including consulting with private law firms on the best way to buy ownership shares in a broad number of banks ...

States warned about impending mortgage crisis - MSNBC
More than five years ago, in April 2003, the attorneys general of two small states traveled to Washington with a stern warning for the nation's top bank regulator. Sitting in the spacious Office of the Comptroller of the Currency, with its panoramic ...

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