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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:...

Contingency A condition that must be met before a contract is legally binding. For example, home purchasers often include a home inspection contingency; the sales contract is not binding unless and until the purchaser has the home inspected.  Real estate words and definition For other words...

Construction Loan A loan for financing the cost of construction or improvements to a property; the lender disburses payments to the builder at periodic intervals during construction.  Real estate words and definition For other words and definitions related to real estate auctions For all...

Condominium A unit in a multiunit building. The owner of a condominium unit owns the unit itself and has the right, along with other owners, to use the common areas but does not own the common elements such as the exterior walls, floors and ceilings or the structural systems outside of the unit;...

Concession Something given up or agreed to in negotiating the sale of a house. For example, the sellers may agree to help pay for closing costs.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale...

Comparables An abbreviation for “comparable properties,” which are used as a comparison in determining the current value of a property that is being appraised.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and...

Multiple Listing Service (MLS) A clearinghouse through which member real estate brokerage firms regularly and systematically exchange information on listings of real estate properties and share commissions with members who locate purchasers. The MLS for an area is usually operated by the local,...