All of "C" Flashcards
Call Option
A contract to buy something at a fixed rate price(a certain price). (The right to require another to sell between a buyer and seller)
Capacity
Gross Income X the Debt to Income (DTI) ratio = the Maximum mortgage and debt payments, the borrower can afford.
Cash Flow
The movement of cash moving into and out of a business.
Cash Out Refinance
When the borrower gets a certain amount when they close their refinance loan. (The amount is used to pay off existing payments and they do whatever with the remaining)
Cashiers Check
A check drawn by a bank payable to another person. (Evidence that the payee has authorization from the bank for the amount of money represented by the check)
Certificate of Deposit
A bankers certificate explaining the receipt of money and promising to repay the depositor.
Certificate of Eligibility
A certificate issued by the Department of Veterans Affair (VA) to certify for the benefits of a VA Loan. (Also known as the Certificate of Entitlement)
Certificate of Occupancy (CO)
Describes the legal occupancy limits, and allowable use of a building. (Often required before title can be transferred for new buildings or existing buildings that need a new CO)
Certificate of Reasonable Value (CRV)
An appraisal issued by the VA showing the property fair market value.
Certificate of Title
Official document that acts as a record of ownership.
Certificate of Veteran Status
Given to veterans who have served 90 days of continuous active duty (which allows them to obtain a lower down payments on VA Loans) (Establishes your eligibility for a VA Loan)
Chain of Title
The ownership history of a piece of land, from the first owner to the present one.
Change Orders
A modification of the original construction plans ordered by the property owner or general contractor.
Clear Title
A title free of claims, doubts, or disputes about ownership. (They can arise from liens or encumbrances)
Civil Rights Act (July, 2, 1964)
It prohibits discrimination on the basis of race, color, religion, sex, or national origin.
Change Frequency
Change of payment or interest rate of an ARM.
Closing/Settlement (A closing is called a settlement)
The final transaction between the buyer and seller to settle up the transaction.
Closing Agent
An agent who represents the buyer and seller in the negotiation and closing for property transactions. (Handles financial and transfer documents)
Closing Costs
Processing fees you pay to your lender when you close on your loan.
Closing Date
The date ownership of the property is officially transferred from the seller to the buyer. (A date scheduled for signing)