A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Cash to Close |
Liquid assets that are readily available to be used to pay the closing costs involved in a closing of a mortgage transaction. |
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Closing |
The consummation of a real estate transaction. The closing includes the delivery of a deed, financial adjustments, the signing of notes, and the disbursement of funds necessary to complete the sale and loan transaction. |
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Closing Costs |
Money paid by the borrower in connection with the closing of a mortgage loan. This generally involves an origination fee, discount points, appraisal, credit report, title insurance, attorney's fees, survey, and prepaid items such as tax and insurance escrow payments. |
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Closing Statement |
A form used at closing that gives an account of the funds received and paid at the closing, including the escrow deposits for taxes, hazard insurance, and mortgage insurance. |
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Commitment Fee (loan) |
Any fee paid by a potential borrower to a lender for the lender's promise to lend money at a specified rate and within a given time period. |
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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 purchase traditional fixed rate level payment first mortgages up to loan amounts mandated by Congressional directive. |
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Conventional Loan |
A mortgage not obtained under a government insured program (such as FHA or VA). |
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Credit Report |
A report detailing an individual's credit history. |
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