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Mortgage glossary
Whether you are buying a home or refinancing, applying for a mortgage is a big step. Use our mortgage glossary to help you through the process. Our comprehensive glossary of mortgage loan terms is even used by loan officers and real estate professionals. Bookmark our mortgage glossary as a quick mortgage definitions and vocabulary reference. |
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- Caveat emptor
Latin for let the buyer beware.
- Certificate of title
A title company or attorney's document attesting to the ownership of property. Clean title means the investigation has found no conflicting ownership claims.
- Consumer Credit Counseling Service
A name for a consumer credit counseling that is reserved for counselors associated with the National Foundation for Credit Counseling.
- Consumer Credit Protection Act
A federal law passed in 1968 that set out basic consumer credit protections in lending. It includes provisions that force lenders to state borrowing costs clearly.
- Cost-of-funds index
A common interest rate used for setting variable rate loans. This particular index tracks the interest rates at savings & loan institutions in the San Francisco Federal Home Loan Bank District.
- Counteroffer
In real estate, a counter offer is the rejection of one offer and the substitution of another as part of the negotiation for property.
- Credit
Granted by a borrower to a lender, with a promise of repayment in a stipulated period. Often tied to property as collateral, so if payments are not made as agreed, the collateral can be seized by the lender.
- Credit bureau
A private firm that collects information about how people handle credit, and then sells that information to other private firms. Regulated by the Fair Credit Reporting Act. Also called a credit reporting agency.
- Credit life insurance
Life insurance that offers repayment of debt under certain conditions involving the consumer becoming disabled into the loan principal amount.
- Credit report
A record of an individual's record of handling credit. Consumers have the right to view their credit reports once a year from each of the three major credit reporting agencies.
- Credit reporting agency
A private firm that collects information about how people handle credit, and then sells that information to other private firms. Regulated by the Fair Credit Reporting Act. Also called a credit bureau.
- Credit score
Also know as a FICO or Beacon score, it is an individual's credit record distilled into a three-digit number, roughly between 300 and 800. The higher the number, the less of a risk that person is in handling credit in the eyes of the lending industry.
- Credit union
A nonprofit, cooperative financial institution that tends to offer lower rates on car loans and higher rates on deposits than commercial banks.
- Creditor
A person who or institution that is owed money.
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mortgage rates |
| 11/21/2009 4:53:19 AM
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