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| CAPS |
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Safeguards
on ARM loans that limit the amount a monthly payment or
interest rate may increase. An interest rate cap limits the
percent the rate can increase or decrease for the initial
and additional adjustment periods. The payment cap limits
the amount the payment can increase or decrease for each
adjustment period. An ARM loan must also have a "life
of loan" cap limiting the maximum percent the rate can
increase or decrease for the life of the loan.
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| Cash
Needed |
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The
total dollar amount required for payment of closing costs
and down payment.
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| Cash
Out Refinance |
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A
mortgage loan that allows the borrower to pay off an
existing debt and obtain excess money from the equity of
their home for payment of closing costs and additional funds
for personal needs (i.e., college tuition, home improvement,
remodel home, purchase automobile and etc).
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| Closing |
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The
final meeting where the sale and transfer of property and/or
loan settlement is fully executed. This meeting generally
requires the borrower(s), seller(s), lender (or their agent)
to be present. The closing includes the delivery of a deed,
signing of notes, and the collection and disbursement of
funds necessary to complete the sale and loan transaction.
Also known as Settlement.
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| Closing
Costs |
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The
costs associated with purchasing a new home (or transfer of
home) and obtaining a mortgage loan. Fees are generally
assessed at closing and may include: insurance, loan fees,
title fees, transfer fees, taxes, settlement or closing fee,
survey fee, title insurance, appraisal fees, etc. The total
closing costs are approximately 5% of the mortgage loan
amount.
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| Co-borrower |
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Borrower(s)
who contribute income and credit history to the
qualification process of a loan and whose name(s) appear(s)
on all closing documents. The co-borrower is also liable for
the debt and condition of property.
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| Collateral |
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An
item of value pledged as security for a debt. The real
estate is pledged as collateral for a mortgage loan and is
bound by signing and recording a mortgage or deed of trust. |
| Condominium |
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A
structure of two or more units where the interior space is
individually owned, and the balance of the land (structure
and land) are commonly owned by the owners of each
individual unit.
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| Cooperative |
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A
structure of two or more units in which the right to occupy
a unit is obtained by the purchase of stock in the
corporation that owns the building or units.
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| Cost
to Refinance a Loan |
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The
fees and total cost associated with obtaining a new mortgage
loan and refinancing an existing mortgage loan. Generally
fees are assessed at closing and may include: insurance,
title fees, transfer fees, taxes, settlement or closing fee,
survey fee, title insurance, appraisal fees, etc. The total
closing cost is typically 5% of the mortgage loan amount.
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| Credit
Report |
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A
report obtained from a credit bureau agency or company that
discloses a borrower's credit history and current credit
status.
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Copyright 2007 © Lending Table
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