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| Cap | The maximum allowable increase, for either payment or interest rate, for a specified amount of time on an adjustable rate mortgage. |
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| Cash Out | Receiving money back when refinancing your present mortgage. |
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| Cashier’s Check | A check that’s guaranteed by a bank and therefore treated as cash because most banks clear them instantly. Sometimes called a bank check, official check, teller’s check, bank draft, or treasurer's check. |
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| Ceiling | The maximum allowable interest rate over the life of the loan of an adjustable rate mortgage. |
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| Certified Check | A check for which the bank verifies that sufficient funds exist in the account to cover it at the time it is written. The bank then sets those funds aside until the check is cashed or returned by the payee. Thus, it cannot “bounce”. |
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| Closing Agent | A person who assures that all documentation related to the sale of a house had been completed properly, including the title search and title insurance. Sometimes an attorney. |
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| Closing Costs | Any fees paid by the borrower or seller during the closing of a mortgage loan. This normally includes an origination fee, discount points, attorney’s fees, title insurance, survey, and any items that must be prepaid, such as taxes and insurance escrow payments. |
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| Closing Date | The date set upon which the transaction is to be completed, the purchase price paid, and the transfer of title registered. |
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| Conforming Loan | Generally, a mortgage loan under $203,150. Qualifying ratios and underwriting methods are standardized to a large degree. |
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| Contract of Sale | The agreement between the buyer and seller on the purchase price, terms, and conditions necessary to both parties to convey the title to the buyer. Also known as a Offer to Purchase. |
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| Credit Limit | The maximum amount that you can borrow under a home equity plan. |
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