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Mortgage-Glossary

Mortgage Glossary

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TermDefinition
Call Option A provision in the mortgage that gives the mortgagee the right to call the mortgage due and payable at the end of a specified period for whatever reason.
Cap Limits how much the interest rate or the monthly payment can increase, either at each adjustment or during the life of the mortgage. Payment caps don't limit the amount of interest the lender is earning and may cause negative amortization.
Caps Limits on changes in ARM interest rates or monthly payments, either in an adjustment period or over the life of the loan.
Caps (Payment) Consumer safeguards may limit the amount that monthly payments on an adjustable-rate mortgage may change. Because they do not limit the amount of interest the lender is earning, they may cause negative amortization.
Cash-0ut A refinance for more than the balance of the original mortgage. Extra funds are based on the borrowers equity in the property
Cashier’s Check (Bank Check) A check whose payment is guaranteed because it was paid for in advance and is drawn on the bank’s account rather than the customer’s.
CC&Rs See Covenants, Conditions and Restrictions
Ceiling The maximum allowable interest rate of an adjustable-rate mortgage
Certificate of Eligibility A document issued by the federal government certifying a veteran’s eligibility for a Department of Veterans Affairs (VA) mortgage.
Certificate of Occupancy (COO) Document issued by local government agency stating that a property meets the requirements of health and building codes.

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