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Caps -
Used with rates and monthly payments with adjustable rate mortgages to set
a maximum amount of change.
Carryback Loan -
Loan in which seller finances for the buyer.
Certificate of Eligibility -
Veteran's proof of eligibility for a VA-guaranteed loan.
Certificate of Reasonable Value (CRV) -
An appraisal on a property to be financed with a VA loan stating the
property to be within reasonable value.
Closing -
Final arrangements in which buyer, seller and lender or their agents
legally exchanges properties and finances.
Cloud -
An encumbrance or claim on a properties title.
Construction Loan -
Loan to finance building of property. Generally dispersed in
periodic payments according to progress of the construction.
Contract Sale -
Mutually agreed contract between buyer and seller that states terms and
conditions for title release to the buyer.
Conventional Loan -
Loan in which no guarantees such as FHA or VA exists.
Conversion -
The option to convert a balloon or ARM to a fixed rate loan.
Credit Report -
A report used for lenders to determine creditworthiness of a borrower.
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