| Term | Definition |
|---|---|
| call option |
A provision in the mortgage that gives the mortgagee the right to call the mortgage due and payable at the end of a specified period for whatever reason. |
| cap |
A provision of an adjustable-rate mortgage (ARM) that limits how much the interest rate or mortgage payments may increase or decrease. |
| capital improvement |
Any structure or component erected as a permanent improvement to real property that adds to its value and useful life. |
| cash-out refinance |
A refinance transaction in which the amount of money received from the new loan exceeds the total of the money needed to repay the existing first mortgage, closing costs, points, and the amount required to satisfy any outstanding subordinate mortgage liens. In other words, a refinance transaction in which the borrower receives additional cash that can be used for any purpose. |
| Certificate of Eligibility |
A document issued by the federal government certifying a veteran's eligibility for a Department of Veterans Affairs (VA) mortgage. |
| Certificate of Reasonable Value (CRV) |
A document issued by the Department of Veterans Affairs (VA) that establishes the maximum value and loan amount for a VA mortgage. |
| certificate of title |
A statement provided by an abstract company, title company, or attorney stating that the title to real estate is legally held by the current owner. |
| chain of title |
The history of all of the documents that transfer title to a parcel of real property, starting with the earliest existing document and ending with the most recent. |
| change frequency |
The frequency (in months) of payment and/or interest rate changes in an adjustable-rate mortgage (ARM). |
| clear title |
A title that is free of liens or legal questions as to ownership of the property. |
| closing |
A meeting at which a sale of a property is finalized by the buyer signing the mortgage documents and paying closing costs. Also called "settlement." |
| closing cost item |
A fee or amount that a home buyer must pay at closing for a single service, tax, or product. Closing costs are made up of individual closing cost items such as origination fees and attorney's fees. Many closing cost items are included as numbered items on the HUD-1 statement. |
| closing costs |
Expenses (over and above the price of the property) incurred by buyers and sellers in transferring ownership of a property. Closing costs normally include an origination fee, an attorney's fee, taxes, an amount placed in escrow, and charges for obtaining title insurance and a survey. Closing costs percentage will vary according to the area of the country. |
| closing statement |
Also referred to as the HUD1. The final statement of costs incurred to close on a loan or to purchase a home. |
| cloud on title |
Any conditions revealed by a title search that adversely affect the title to real estate. Usually clouds on title cannot be removed except by a quitclaim deed, release, or court action. |
| co-maker |
A person who signs a promissory note along with the borrower. A co-maker's signature guarantees that the loan will be repaid, because the borrower and the co-maker are equally responsible for the repayment. See endorser. |
| collateral |
An asset (such as a car or a home) that guarantees the repayment of a loan. The borrower risks losing the asset if the loan is not repaid according to the terms of the loan contract. |
| collection |
The efforts used to bring a delinquent mortgage current and to file the necessary notices to proceed with foreclosure when necessary. |
| commission |
The fee charged by a broker or agent for negotiating a real estate or loan transaction. A commission is generally a percentage of the price of the property or loan. |
| commitment letter |
A formal offer by a lender stating the terms under which it agrees to lend money to a home buyer. Also known as a "loan commitment." |
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