Contract of saleSame or similar to "contract to purchase." See also "contract to purchase" under "mortgage."
Contract to purchaseSame or similar to "mortgage." See "contract to purchase" under "mortgage."
Conventional Conforming Mortgage LoansConventional mortgage loans are those mortgages that are not insured or guaranteed by the Federal Housing Administration, the U.S.
Conventional LoanA mortgage loan that is not insured, guaranteed or funded by the Veterans Administration (VA), the Federal Housing Administration (FHA) or Rural Economic…
Conventional MortgageA mortgage loan which is not insured or guaranteed by a government agency such as FHA or VA.
Conversion ClauseA provision in some ARMs allowing it to change to a fixed-rate loan at some point during the term.
Conversion OptionA provision of some adjustable-rate mortgage (ARM) loans that allows the borrower to change the ARM to a fixed-rate mortgage at specified times after loan…
Convertible ARMis an Adjustable Rate Mortgage loan that can be converted into a fixed-rate mortgage during a certain time period.
convertible mortgageAn adjustable rate mortgage (ARM) that allows a borrower to switch to a fixed-rate mortgage at a specified point in the loan term.
CooperativeA building or development of two or more units in which the right to occupy a unit is obtained by the purchase of stock in the corporation which owns the…
Cooperative (Co-op)A co-op is a corporation that owns a particular residential property. The shareholders are the tenants who, instead of owning an individual unit, own…
Cooperative (Co-op) ProjectA project in which a corporation holds title to a residential property and sells shares to individual buyers, who then receive a proprietary lease as…
CopingA protective cap, top, or cover of a wall parapet, commonly sloping to protect masonry from water
CorbelAn architectural member which projects upward and outward from a wall that supports a horizontal member.
CorniceA projecting molding that tops the elements to which it is attached; used especially for a roof or the crowning member of an entablature, located above…
Cost of Funds Index (COFI)An index that is used to determine interest rate changes for certain adjustable-rate mortgage (ARM) plans.
Counter OfferAn offer made in response to a previous offer. For example, after the buyer presents their first offer, the seller may make a counter-offer with a…
County CodeA three-digit FIPS (Federal Information Processing Standards) code that identifies the county where the property is located.
CovenantsRules and restrictions governing the use of property.
Creative financingAny financing arrangement other than a traditional mortgage from a third-party lending institution.
CreditCredit generally refers to the ability of a person or organization to borrow money, as well as the arrangements that are made for repaying the loan and…
Credit BureauAn agency that collects individual credit information and sells it for a fee to creditors so they can make a decision on granting loans.
Credit CounselingEducation on how to improve bad credit and how to avoid having more debt than can be repaid.
Credit EnhancementA form of guarantee, insurance, or other characteristic (e.g. Overcollateralization) of a security that improves its credit quality.
Credit GrantorThe lender that provides a loan or credit.
Credit HistoryA record of an individual’s or company’s past borrowing and repaying behavior maintained by an independent credit reporting agency.
Credit Life InsuranceA type of life insurance that helps repay a loan if you should die before the loan is fully repaid. This is optional coverage.
Credit Loss RatioThe ratio of credit-related losses to the dollar amount of MBS outstanding and total mortgages owned by the corporation.
Credit Repair CompaniesPrivate, for-profit businesses that claim to offer consumers credit and debt repayment difficulties assistance with their credit problems and a bad credit…
Credit ReportA detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness.
Credit RiskA term used to describe the possibility of default on a loan by a borrower.
Credit ScoreA number, roughly between 300 and 800, that measures an individual's credit worthiness. The most well-known type of credit score is the FICOî score.
Credit UnionA cooperative, nonprofit association, licensed under for the purposes of encouraging thrift among its members, creating a source of credit at a fair and…
CreditorA person or company who provides credit to another person or company functions as a creditor.
CreditworthinessThe way a lender measures the ability of a person to qualify and repay a loan.
CreditworthyYour ability to qualify for credit and repay debts.
CrestingA decorative element, frequently of iron, usually located at the peak or edge of a roof.
CrocketAn ornamental foliate form placed at regularly spaced intervals on the slopes and edges of the spires, pinnacles, gables, and similar elements of Gothic…
curtailmentsThe borrower's privilege to make payments on a loan's principal before they are due.
CushionAn amount of money, occasionally required by a lender, which is set aside to protect said lender against increases in expenses.
Data Element Dictionary (DED)(DED)The Data Element Dictionary (DED) is a table in which the data element that you are searching for is located.
DayAny day other than a Saturday or Sunday or legal holiday.
DebarmentDisqualification of a firm or individual from contracting with the government or participating in government non-procurement transactions for a specific…
DebtAn obligation to repay a sum of principal, plus interest. In corporate terms, debt often refers to bonds or similar securities.
Debt SecurityDebt securities are interest-paying bonds, notes, bills, or money market instruments that are issued by governments or corporations.
Debt-to-income (DTI)(DTI)a comparison or ratio of gross income to housing and other expenses or debts the homeowner owes.
Debt-to-Income RatioA measure of creditworthiness computed by dividing the dollar amount of monthly debts by total gross monthly income, then converting the result to a…
Decorative MasonryTerra cotta, cast-stone or natural stone (such as limestone, marble, brownstone or granite) facade areas and/or any ornamental feature which is a…
DeductibleThe dollar amount you must pay out-of-pocket for each claim before the insurance company begins paying.
DeedA deed is a written document that transfers ownership of land or other real estate from the owner, also known as the grantor, to the buyer, or grantee.
Deed of TrustA legal document in which the borrower transfers the title to a 3rd party (trustee) to hold as security for the lender.
Deed-in-LieuTo avoid foreclosure ("in lieu" of foreclosure), a deed is given to the lender to fulfill the obligation to repay the debt; this process does not allow…
Deed-in-Lieu of Foreclosurethe process by which a homeowner may voluntarily transfer the deed to a home to the servicer when payments cannot be made.
DefaultDefault occurs when a debtor is unable to meet the legal obligation of debt repayment, one form of which is the failure to promptly pay interest or…
Deferred Paymentsloan payments that are authorized to be postponed as part of a workout process to avoid foreclosure.
Delayed exchangeSame or similar to "tax-free exchange." See also "tax-free exchange."
Demand loanA loan having no specific date for repayment but may be called by the lender at any time.
DemolitionDismantling or razing of all or part of an existing improvement.
DentilA small, square, tooth-like block in a series beneath a cornice.
Department of Defense (DOD)(DOD)The mission of the Department of Defense (DOD) is to provide the military forces needed to deter war and to protect the security of our country.
Department of Energy (DOE)(DOE)In 1989, the Department of Energy (DOE) created the Office of Environmental Management (EM) to mitigate the risks and hazards posed by the legacy of…
Department of Transportation (DOT)(DOT)Established by an act of Congress on October 15, 1966, the Department of Transportation's (DOT) mission is to serve the United States by ensuring a fast…
Deposit (Earnest Money)Money put down by a potential buyer to show that they are serious about purchasing the home; it becomes part of the down payment if the offer is accepted…
Depository InstitutionA financial institution that makes loans and obtains its funds mainly through accepting deposits from the public; includes commercial banks, savings and…
DepreciationThe act of lowering an item´s value due to use or wear and tear.
DerivativeDerivatives are financial products, such as futures contracts, options, and mortgage-backed securities.
Detached houseA housing unit surrounded by freestanding walls and generally seated on a separate lot.
DetailsThe dimensions and contours of both the stationary and moveable portions of a window, and moldings.
DisclosuresCertain information that Federal and State laws require creditors to give to borrowers relative to the terms of the credit extended.
Discount PointSome lenders require you to prepay a portion of the interest due on your mortgage as a condition of approving the loan.
Discount PointsAmount paid to the lender by the borrower or seller to decrease or "buy down" the borrower's interest rate.
Display WindowThe large glazed portion of the storefront, and the associated framing, above the bulkhead and below the transom, extending from pier to pier.
Document RecordingAfter closing on a loan, certain documents are filed and made public record. Discharges for the prior mortgage holder are filed first.
DoricOne of five classical orders, recognizable by its simple capital. The Greek Doric column has a fluted shaft and no base; the Roman Doric column may be…
DormerA vertical structure, usually housing a window, that projects from a sloping roof and is covered by a separate roof structure.
Double hungA type of window with two sash, each sliding on a vertical track.
Down PaymentA down payment is the amount, usually stated as a percentage, of the total cost of a property that you pay in cash as part of a real estate transaction.
Drip moldingA projecting molding around the head of a door or window frame, often extended horizontally at right angles to the sides of the frame, intended to channel…
Due on Sale ClauseA provision in a mortgage that allows the lender to demand repayment in full of the outstanding balance if the property securing the mortgage is sold.
due-on-saleA clause in a mortgage or deed of trust allowing a lender to require immediate payment of the balance of the loan if the property is sold (subject to the…
DunnageSupports for air conditioning and other equipment above the roof of a building.
Earnest MoneyMoney given to a seller by a buyer to demonstrate the buyer’s good faith. If the deal falls through, the deposit is usually forfeited.
Earnest Money (Deposit)The deposit to show that you're committed to buying the home. The deposit will not be refunded to you after the seller accepts your offer, unless one of…
Earnings Per Share (EPS)Earnings per share (EPS) is calculated by dividing a company's total earnings by the number of outstanding shares.
EasementA right to the use of, or access to, land owned by another.
EasementsThe legal rights that give someone other than the owner access to use property for a specific purpose.
Economic development areaAn area defined by local authorities for govemment-assisted economic programs.
Ecotox Thresholds (ET)(ET)Ecotox Thresholds (ET) are defined as media-specific contaminant concentrations above which there is sufficient concern regarding adverse ecological…