Quickloans Glossary

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C

CAPS (INTEREST)
Consumer safeguards that limit the amount that the interest rate on an ARM loan may change per year and/or life of the loan.

CAPS (PAYMENT)
Consumer safeguards which limit the amount monthly payments on an adjustable rate mortgage may change.

CLOSING
Meeting between the buyer, seller and lender escrow officer where the property and funds legally change hands. Also called settlement.

CLOSING COSTS
Usually include an origination fee, appraisal fee, title search and insurance, taxes, deed recording fee, credit report charge and other costs assessed at settlement.

COMMITMENT
An agreement, often in writing, between a lender and a borrower to loan money at a future date subject to the completion of paperwork or compliance with stated conditions.

CONSTRUCTION LOAN
Short term interim loan for financing the cost of construction. The lender advances funds to the builder at periodic intervals as the work progresses.

CONVENTIONAL LOAN
A loan not insured by FHA, VA or Farmers Home Administration.

CREDIT REPORT
Report listing borrowers' consumer credit use, including past and current debts, payment ratings and terms.

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