Terms with Tag Mortgage
- Conditional Commitment — Definition,
- A promise by a lender to make a loan if the borrower meets certain requirements.
- CONEXUS Credit Union — Company, Saskatchewan, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Conforming Loan — Definition,
- A mortgage that is eligible for purchase or securitization by one of the government-sponsored enterprises such as Fannie Mae, Freddie Mac and Ginnie Mae (US mortgages only). Requirements include size of the loan, type, and age
- Construction Loan — Definition,
- A short-term interim loan for financing the cost of construction. The lender makes payments to the builder at periodic intervals as the work progresses.
- Construction to Permanent Loan — Definition,
- A loan that finances the construction, then for a long-term, traditional mortgage, as distinct from a construction loan followed by a separate mortgage loan.
- Consumer Credit and Mortgage Advice (CCMA) — Acronym, Canada,
- Contractual Lien — Definition,
- A legal claim against property as a result of a voluntary contract, such as a mortgage.
- Conventional Conforming Interest-Only (CCIO) — Acronym,
- Conventional Mortgage — Definition, Important,
- A mortgage that is not insured or guaranteed by CMHC or GE Capital.
- Conventional Mortgage Home Price Index (CMHPI) — Acronym,
- Conversion Clause — Definition,
- A provision that may appear in an adjustable-rate loan agreement allowing the loan to be changed to a fixed-interest rate loan, usually for an additional charge.
- Convertible ARM — Definition,
- An adjustable rate mortgage (ARM) that can be converted to a fixed-rate mortgage under certain conditions.
- Convertible Mortgage — Definition, Important,
- A mortgage where the borrower has the option at specified times to change the term length.
- Cooperative Mortgage — Definition, Important,
- A loan that allows the borrower to buy into a co-op project.
- Copperfin Credit Union — Company, Ontario, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Cornerstone Credit Union — Company, Saskatchewan, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Covenantor — Definition,
- A person who promises to be responsible for the repayment of a loan.
- Creative Arts Savings & Credit Union (CASCU) — Company Est. 2008, Toronto, Ontario, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Creative Financing — Definition,
- An innovative or unusual way of structuring a home loan that allows the buyer to buy the house.
- Credit — Definition,
- Money that a lender gives to a borrower on condition of repayment over a certain period.
- Credit History — Definition,
- A record of an individual's or company's past borrowing patterns and whether or not debts were repaid on time.
- Credit Life Insurance — Definition,
- Life insurance that repays the insured's debts upon their death. The death benefit decreases as the debt is paid off.
- Credit Repository — Definition,
- Another term for a credit bureau.
- Credit Score — Definition,
- Also referred to as a 'Beacon Score' is a number, between 300 and 900, that reflects a person's credit history. Lenders calculate this number using a computer system as part of the process for assigning rates and terms to the loans they grant.
- Credit Union (CU) — Acronym,
- A non-profit, cooperative financial institution owned and controlled by the people who use its services, usually a group such as employees in the same company or industry. Credit unions historically have been able to offer lower rates and fees and still operate in the black. Credit unions rely on a financial reserve to absorb unexpected losses from loan defaults or other financial setbacks, and the majority of credit unions carry federal deposit insurance that protects individual accounts up to a specified amount in the event the credit union fails.
➥ Credit unions are member-owned, full service co-operative financial institutions. - Credit Union Atlantic (CUA) — Company, Nova Scotia, Canada, ➥ A Canadian NHA approved mortgage lender.
- Credit Union Central Alberta (CUCA) — Company Est. 1967, Alberta, Canada, ➥ A Canadian NHA approved mortgage lender.
- Credit Union Central of Manitoba (CUCM) — Company, Winnipeg, Manitoba, Canada, ➥ A Canadian NHA approved mortgage lender.
- Credit Union Central of Ontario (CUCO) — Company, Ontario, Canada, ➥ Now referred to as the Credit Unions of Ontario. A Canadian NHA approved mortgage lender that offers all lending types.
- Credit Union Central of Saskatchewan (CUCS) — Company Est. 1938, Regina, Saskatchewan, Canada,
- A financial management co-operative that provides research, consulting, and developmental support to credit unions in Canada.
➥ Now called SaskCentral. A Canadian NHA approved mortgage lender.
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