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Glossary - All Financing Terms are Defines Here
Glossary - C

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Caps (Interest) :
Consumer safeguards which limit the amount the interest rate on an adjustable rate mortgage may change per year and/or the life of the loan.

Caps (Payment) :
Consumer safeguards which limit the amount monthly payments on an adjustable rate mortgage may change.

Captive Finance Company :
A separate company owned by an auto manufacturer to finance product sales. Examples include General Motors Acceptance Corporation (GMAC) and Ford Motor Credit Corporation (FMCC).

Certificate of Title :
Is evidence of vehicle ownership issued by the Department of Motor Vehicles when it has confirmed said ownership. There is a fee to receive one based on state, taxes and other possible registration fees.

Closing :
The meeting between the buyer, seller and lender where the property and funds legally change hands. Also called settlement.

Closing Costs :
Includes a loan origination fee, points, appraisal fee, title search and insurance, survey, taxes, deed recording fee, credit report charge and other costs assessed at settlement. The closing costs usually are about 2 percent to 6 percent of the mortgage amount.

Cloud (On Title) :
An outstanding claim which negatively affects the marketability of title.

Collateral :
Property offered to support a loan that can be seized if you default on your payments. Car and/or a house would be a good example.

Commision :
When a real estate agent or broker finds and completes a sale, that individual is paid money by the seller for those services rendered.

Commitment :
An agreement, often in writing, between a lender and a borrower to loan money at a future date subject to the stated conditions.

Compound Interest :
An interest method that calculates interest on interest earned in prior periods.

Cosigner :
Another person who signs your loan and assumes equal responsibility for it. This usually comes into play when the original person applying for the loan does not have enough credit to take on the responsibility themselves.

Credit :
Reputation for solvency and integrity entitling a person to be trusted in buying goods or borrowing money.

Credit Bureau :
An agency that keeps your credit record.

Credit Card :
A card used from time to time to borrow money or buy goods or services on credit. Visa, MasterCard, American Express and Discover are just some examples.

Credit History :
The record of how you've borrowed and repaid debts.

Credit Scoring System :
A statistical system used to rate credit applicants according to various characteristics relevant to creditworthiness.

Credit Ratio :
The ratio, expressed as a percentage, which results when a borrower's monthly payment obligation on long-term debts is divided by his or her net income (FHA/VA loans) or gross monthly income (Conventional loans). See Housing Expenses-to-Income Ratio.

Credit-related Insurance :
Health, life, or accident insurance designed to pay the outstanding balance of debt.

Customer Incentive :
A special payment from the manufacturer to the customer to promote sales of slow-selling models. Also called a "Rebate".

Creditor :
A lender to whom money is owed.

Creditworthiness :
Past and future ability to repay debts.


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