HELOC EXPERT GLOSSARY

Glossary: C

Browse terms beginning with C and move through the full A–Z home-equity and mortgage glossary.

Terms Starting with C

Each letter has its own permanent glossary page for easier browsing and linking.

Money received and paid over a period; in rental-property analysis it often refers to property income after specified expenses and debt service.

Liquid funds retained to cover expected or unexpected expenses after closing.

A refinance in which a new mortgage replaces existing secured debt and provides eligible cash proceeds to the borrower.

Fees and expenses associated with originating and closing a mortgage or home-equity transaction.

A federal disclosure used for many closed-end mortgage transactions that shows final loan terms and closing costs.

A person who applies jointly and shares responsibility for repaying the debt.

A transfer of rights in an asset or contract as security for an obligation.

The total scheduled debt payments considered in a cash-flow or underwriting analysis.

The total balances of loans secured by a property divided by the property value, usually expressed as a percentage.

A positive borrower or property characteristic that may offset another area of underwriting weakness.

A mortgage that meets applicable Fannie Mae or Freddie Mac purchase criteria and loan limits.

A disbursement made as eligible construction or renovation work progresses.

A restriction placed with a credit bureau that limits access to a consumer credit file until lifted or thawed.

The maximum amount that may be outstanding on a line of credit, subject to account terms.

An approved increase to a revolving credit limit, generally subject to lender review and program rules.

A record of a consumer’s credit history obtained from a credit reporting agency.

A numerical score derived from credit-report information and used by many lenders as one factor in evaluating credit risk.

The percentage of available revolving credit currently being used.