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Call Us Today! 800-965-9910
September 09, 2010
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| Cash-Out refi |
| Refinancing for an amount in excess of the balance on the old loan plus settlement costs. The borrower takes "cash-out" of the transaction. |
| Closing costs |
| Costs that the borrower must pay at the time of closing, in addition to the down payment and points. Also referred to as "settlement costs". |
| Commission |
| Money paid to a real estate agent or broker by the seller as compensation for finding a buyer and completing the sale. Usually it is a percentage of the sale price--6 to 7 percent on houses, 10 percent on land. |
| Conforming mortgage |
| A loan eligible for purchase by the two major Federal agencies that buy mortgages, Fannie Mae and Freddie Mac. |
| Conventional Mortgage |
| A mortgage loan not insured by HUD or guaranteed by the Veterans' Administration. It is subject to conditions established by the lending institution and State statutes. The mortgage rates may vary with different institutions and between States. (States have various interest limits.) |
| Conversion option |
| The option to convert an ARM to an FRM at some point during its life. |
| Correspondent |
| A lender who delivers loans to a wholesaler against prior price commitments the wholesaler has made to the correspondent. The commitment protects the correspondent against pipeline risk. |
| Credit Report |
| A report from a credit bureau containing detailed information on an individual's credit history. |
| Credit Score |
| A single numerical score, based on an individual's credit history, that measures that individual's credit worthiness. Credit scores are as good as the algorithm used to derive them. |
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| 11255 Olive Blvd. • St. Louis, MO 63141 • Phone: 314-995-9919 • Toll Free: 800.965.9910 • Fax: 314-995-7133 • Email: info@cornerstonestl.com |
| St. Charles Office • 3449 Pheasant Meadow Dr. Suite 101 • O'Fallon, MO 63368 • Phone: 636.978.8180 • Toll Free: 800.978.9959 • Fax: 636.978.9747 |
| St. Louis South Office • 12300 Old Tesson Rd, Suite 400-E • St. Louis, Mo 63128 • Phone: 314.842.9919 • Toll Free: 877.842.9918 • Fax: 314.842.9897 |
| St. Louis South City • 4643 Gravois Road, St. Louis, MO 63116 • Phone: 314-353-3000 • Fax: 314-352-7292 |
| D/B/A Cornerstone Home Loans, Inc. - in the states of Illinois, California |
| Illinois Residential Mortgage Licensee MB5807 • Illinois Department of Financial and Professional Regulation • 310 South Michigan Ave., Suite 2130 • Chicago, IL 60604 • 312-793-3000 |
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