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News about Mortgages:
Cap on bank guarantee to stop investment exodus - Norrn Daily LeaderTHE Federal Government will limit its free guarantee of bank deposits to amounts of $1 million and examine ways to help unguaranteed institutions that have had to freeze billions of dollars in funds to stop a stampede of withdrawals. The Treasurer ...
Council homes for life ‘to be scrapped’ - Times OnlinePeople living in council houses will no longer be entitled to a subsidised tenancy for life under Whitehall proposals to address waiting lists. New tenants would have fixed-term contracts under the plans, with regular reviews every few years, The ...
High earners to pay 45% tax as borrowing soars - Times OnlineTop earners face higher taxes as Gordon Brown and Alistair Darling reduce a borrowing bill that will hit nearly £120 billion next year. The Chancellor is expected to announce a new top rate of tax of 45 per cent that will apply to those earning more ...
Today's Mortgage Terms starting with C
Cash To Close: Liquid assets that are available on hand for payment of closing costs involved in the processing of a mortgage transaction.
Closing: The completion of a real estate transaction. The closing includes the delivery of a deed, financial adjustments, signing of notes and disbursement of funds required to finalize the sale and loan transaction.
Closing Costs: Fees generally paid by the borrower in relation to the closing of a mortgage loan.
Collateral: Property pledged as security for a debt.
Conforming Loan: Conventional home mortgages eligible for sale and delivery to either the Federal National Mortgage Association (FNMA) or the Federal Home Loan Mortgage Corporation (FHLMC). These agencies generally buys first mortgages up to loan amounts approved by Congressional directive.
Conventional Loan: Loans that are not part of any government housing program, free of any restrictions of government insured housing programs, such as loan size limits.
Conversion Clause: A feature in certain ARMs that gives you the option to convert the variable rate loan to a fixed-rate loan, usually after the first adjustment period. The new fixed rate will be set at current rates and there could be a fee for the conversion feature.
Convertible ARM: A type of ARM loan that can be converted to a fixed-rate loan after a certain time period.
Covenant: A clause in a contract that obligates or restricts the parties and if broken, can result in a legal action.
Credit Bureau: It is a clearinghouse for credit history information.
Credit Report: A report containing a detailed credit history of an individual.
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