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Mortgage glossary: Letter C |
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Cash-Out A refinance mortgage that involves taking equity out of a home in the form of cash during a refinance. Instead of just reducing your interest rate during a refinance and financing your closing costs, you finance even more, putting the additional money in your pocket.
Closer The person who helps prepare the lender's closing documents. The closer forwards those documents to your settlement agent's office, where you will be signing closing papers. In some states, a closer can be the person who holds your loan closing.
Closing Costs The various fees involved when buying a home or obtaining a mortgage. The fees, required to issue a good loan, can come directly from the lender or may come from others in the transactions.
Collateral Collateral is property owned by the borrower that's pledged to the lender as security in case the loan goes bad. A lender makes a mortgage with the house as collateral.
Comparable Sales Comparable sales are that part of an appraisal report that lists recent transfers of similar properties in the immediate vicinity of the house being bought. Also called "comps".
Conforming Loan A conventional conforming loan is a Fannie Mae or Freddie Mac loan that is equal to or less than the maximum allowable loan limits established by Fannie and Freddie. These limits are changed annually.
Conventional Loan A loan mortgage that uses guidelines established by Fannie Mae or Freddie Mac and is issued and guaranteed by lenders.
Correspondent Banker A mortgage banker that doesn't intend to keep your mortgage loan, but instead sells your loan to another preselected mortgage banker. Correspondent bankers are smaller mortgage bankers, those perhaps with a regional presence but not a national one. They can shop various rates from other correspondent mortgage bankers that have set up an established relationship to buy and sell loans from one another. They operate much like a broker, except correspondent bankers use their own money to fund loans.
Credit Report A report that shows the payment histories of a consumer, along with the individual's property addresses and any public records.
Credit Repository A place where credit histories are stored. Merchants and banks agree to store consumers' credit patterns in a central place that other merchants and banks can access.
Credit Score A number derived from a consumer's credit history and based upon various credit details in a consumer's past and upon the likelihood of default. Different credit patterns are assigned different numbers and different credit activity may have a greater or lesser impact on the score. The higher the credit score, the better the credit.
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