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And now for you to be able to understand what all Loan terms are commonly evolved into the market, we herewith bring to you an instant Loan Glossary online. |
FLH :: Online Loan Glossary |
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Online Loan Glossary
C
Cap: A limit on how much the interest rate or the
monthly payment may change, either at each adjustment or
during the life of the mortgage. Payment caps don’t
limit the amount of interest the lender is earning, so
they may cause negative amortization.
Cap:
a limit, such as that placed on an adjustable rate
mortgage, on how much a monthly payment or interest rate
can increase or decrease.
Cash reserves:
a cash amount sometimes required to be held in reserve
in addition to the down payment and closing costs; the
amount is determined by the lender.
Certificate of title: a document provided by a
qualified source (such as a title company) that shows
the property legally belongs to the current owner;
before the title is transferred at closing, it should be
clear and free of all liens or other claims.
Closing
costs: customary costs above and beyond the
sale price of the property that must be paid to cover
the transfer of ownership at closing; these costs
generally vary by geographic location and are typically
detailed to the borrower after submission of a loan
application.
Closing
costs: Fees paid at closing, including
attorneys fees, fees for preparing and filing a
mortgage, fees for title search, taxes, and insurance.
Closing:
also known as settlement, this is the time at which the
property is formally sold and transferred from the
seller to the buyer; it is at this time that the
borrower takes on the loan obligation, pays all closing
costs, and receives title from the seller.
Commission: an amount, usually a percentage of
the property sales price, that is collected by a real
estate professional as a fee for negotiating the
transaction.
Commitment: A written letter of agreement
detailing the terms and conditions by which the lender
will lend and the borrower will borrow funds to finance
a home.
Condominium: a form of ownership in which
individuals purchase and own a unit of housing in a
multi-unit complex; the owner also shares financial
responsibility for common areas.
Construction Loan: A short term loan for
funding the cost of construction. The lender advances
funds to the builder as the work progresses, usually
over a 6 month period.
Conventional loan: a private sector loan, one
that is not guaranteed or insured by the U.S.
government.
Conversion: The right of a borrower to convert
an adjustable or balloon loan in to a fixed loan.
Conversion
clause: A provision in some ARMs that allows
you to change the ARM to a fixed-rate loan at some point
during the term. Conversion is usually allowed at the
end of the first adjustment period. At the time of the
conversion, the new fixed rate is generally set at one
of the rates then prevailing for fixed-rate mortgages.
The conversion feature may be available at extra cost.
Cooperative (Co-op): residents purchase stock
in a cooperative corporation that owns a structure; each
stockholder is then entitled to live in a specific unit
of the structure and is responsible for paying a portion
of the loan.
Credit
bureau score: a number representing the
possibility a borrower may default; it is based upon
credit history and is used to determine ability to
qualify for a mortgage loan.
Credit
history: history of an individual's debt
payment; lenders use this information to gauge a
potential borrower's ability to repay a loan.
Credit
limit: The maximum amount that may be borrowed
under the home equity plan.
Credit Rating:
Borrowers are rated by lenders according to the
borrower's credit-worthiness or risk profile. Credit
ratings are expressed as letter grades such as A-, B,
C+. These ratings are based on various factors such as a
borrower's payment history, foreclosures, bankruptcies
and charge-offs.
Credit
report: a record that lists all past and
present debts and the timeliness of their repayment; it
documents an individual's credit history.
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