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Home > Learning Center > Glossaries > Mortgage Terms Glossary
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Mortgage Explained - Mortgage Terms & Glossary!
 
Getting & applying for a mortgage loan has become so familiar, that everyone know and have an idea about it.. For more & in depth information you may scroll  through our online mortgage dictionary. eLoanCanada is pleased to offer its Learning Center with variety of educational articles & a comprehensive knowledge-base to help you navigate through the world of personal finance.
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Mortgage Terms Glossary - C

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Confused By The Mortgage Terms and Definitions? Get The Answers Here!
 
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Call Option - Cap - Capital Expenditure - Capital Improvement - Cash Out - Cashier's Cheque (or Bank Cheque) - Ceiling - Certificate of Title - Chattel - Closed Mortgage - Closing - Closing Costs - Collateral - Commission - Comparative Market Analysis - Compound Interest - Conditional Offer - Condominium - Consumer Reporting Agency - Contingency - Contract of Sale - Conventional Mortgage - Conversion Clause - Convertible ARMs - Convertible Mortgage - Credit Bureau - Credit Report


Call Option - A provision of a note that allows the lender to require repayment of the loan in full before the end of the loan term. The option may be exercised due to breach of the terms of the loan or at the discretion of the lender.

Cap - A provision of an adjustable-rate mortgage that limits how much the interest rate or mortgage payments may increase or decrease.

Capital Expenditure - The cost of an improvement made to extend the useful life of a property or to add to its value.

Capital Improvement - Any structure or component erected as a permanent improvement to real property that adds to its value and useful life.

Cash Out - Any cash received when you get a new loan that is larger than the remaining balance of your current mortgage, based upon the equity you have already built up in the house. The cash out amount is calculated by subtracting the sum of the old loan and fees from the new mortgage loan. For example, if your existing loan is $100,000, you might refinance it with a loan of $120,000. After you pay off your current loan ($100,000) and any loan-origination costs for the new loan (for example $2,000 in points), you would be left with $18,000 cash out. Cash-out loans may not be available for all types of property.

Cashier's Cheque (or Bank Cheque) - A cheque whose payment is guaranteed because it was paid for in advance and is drawn on the bank's account instead of the customer's.

Ceiling - The maximum allowable interest rate of an adjustable-rate mortgage.

Certificate of Title - Written opinion of the status of title to a property, given by an attorney or 1title company. This certificate does not offer the protection given by title insurance.

Chattel - Another name for personal property.

Closed Mortgage - A mortgage which cannot be prepaid, renegotiated or refinanced.

Closing - The settlement or closing is the conclusion of your real estate transaction. It includes the delivery of your security instrument, signing of your legal documents and the disbursement of the funds necessary to the sale of your home or loan transaction (refinance).

Closing Costs - These costs are for services that must be performed to process and close your loan application. Examples include title fees, recording fees, appraisal fee, credit report fee, inspection, attorney's fees, taxes, and surveying fees.

Collateral - Assets (such as your home) pledged as security for a debt.

Commission - Money paid to a real estate agent or Broker for negotiating a real estate or loan transaction.

Comparative Market Analysis - An informal estimate of market value that a real estate agent or broker calculates based on sales of comparable properties. An appraisal or a comparative market analysis are the most accurate ways to determine what your home is worth.

Compound Interest - Interest paid on the original principal balance and on the accrued and unpaid interest.

Conditional Offer - An offer to buy a property if certain conditions are met.

Condominium - A real estate project in which each unit owner holds title to a unit in a building, an undivided interest in the common areas of the project, and sometimes the exclusive use of certain limited common areas. The condominium may be attached or detached. The homeowners' association dues are included in the total monthly mortgage payment for qualifying purposes.

Consumer Reporting Agency - A company that regularly gathers, files and sells information to creditors to facilitate their decisions to extend credit.

Contingency - A condition that must be satisfied before a contract is legally binding.

Contract of Sale - The agreement between the buyer and seller on the purchase price, terms and conditions of a sale.

Conventional Mortgage - A mortgage loan which does not exceed 75% of the appraised value or purchase price of the property, whichever is the lesser of the two. Mortgages that exceed this limit must be insured.

Conversion Clause - A provision in some ARMs that allows you to change an ARM to a fixed-rate loan, usually after the first adjustment period. The new fixed rate will be set at current rates, and there may be a charge for the conversion feature.

Convertible ARMs - A type of ARM loan with the option to convert to a fixed-rate loan during a given time period.

Convertible Mortgage - A provision in some adjustable-rate mortgage (ARMs) that allows the Borrower to change the ARM to a fixed-rate mortgage at specified timeframes after loan origination.

Credit Bureau - A credit bureau is a clearinghouse for credit history information. Credit grantors provide the bureau with factual information on how their credit customers pay their bills. The bureau regularly assembles this information, along with public record information obtained from courthouses around the country, into a "file" on each consumer.

Credit Report - A report detailing the credit history of a prospective borrower that's used to help determine borrower creditworthiness.
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