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Fixed-Rate Mortgage A mortgage with an interest rate that does not change during the entire term of the loan.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet InTouchEmail:...

Credit Bureau A company that gathers information on consumers who use credit. These companies sell that information to lenders and other businesses in the form of a credit report.  Real estate words and definition For other words and definitions related to real estate auctions For all active...

Credit The ability of a person to borrow money, or buy goods by paying over time. Credit is extended based on a lender’s opinion of the person’s financial situation and reliability, among other factors.  Real estate words and definition For other words and definitions related to real estate...

Counter-offer An 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 slightly higher sale price.  Real estate words and definition For other words and definitions related to real estate auctions For...

Cost of Funds Index (COFI) An index that is used to determine interest rate changes for certain adjustable-rate mortgage (ARM) loans. It is based on the weighted monthly average cost of deposits, advances, and other borrowings of members of the Federal Home Loan Bank of San Francisco.  Real...

Cooperative (Co-op) Project A project in which a corporation holds title to a residential property and sells shares to individual buyers, who then receive a proprietary lease as their title.  Real estate words and definition For other words and definitions related to real estate auctions For...

Convertible ARM An adjustable-rate mortgage (ARM) that allows the borrower to convert the loan to a fixed-rate mortgage under specified conditions.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for...

Conversion Option A 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 origination.  Real estate words and definition For other words and definitions related to real estate auctions For all...

Conventional Mortgage A mortgage loan that is not insured or guaranteed by the federal government or one of its agencies, such as the Federal Housing Administration (FHA), the U.S. Department of Veterans Affairs (VA), or the Rural Housing Service (RHS). Contrast with “Government Mortgage.”...

Mutual Funds A fund that pools the money of its investors to buy a variety of securities.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet InTouchEmail: 411@myersjackson.com Phone:...