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Mobile Home Finance Dictionary > C
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As a service to our customers, we've compiled a mobile home loan dictionary. Anything you need to know should be answered here. |
Looking for a specific term? Our mobile home dictionary is organized by letter.
Cap: The maximum amount an interest rate can increase or decrease in a designated period of time (interest rate cap) or over the life of the loan (lifetime cap) on an adjustable rate loan.
Capacity: The legal ability of a person or entity to enter into a contract that is legally binding and to perform certain other civil acts such as making a will.
Capital: 1. A sum of money used to purchase long-term assets. 2. Stocks, bonds, or mortgages that were sold to raise money to purchase assets, as well as retained earnings. 3. Assets, other than land, used to generate income.
Capital improvement: Any structure erected as a permanent improvement to real estate, usually extending the useful life and value of a property such as the replacement of a roof.
Cash-Out Refinance: When an owner refinances their manufactured home loan and takes some home equity out as cash. CAMHF offers Cash-Out Refinance loans on manufactured homes in parks.
Cash Reserves: A requirement of some lenders that buyers have sufficient cash remaining after closing to make the first several mortgage payments. CAMHF does not have any cash reserve requirements.
Chapter 7 Bankruptcy: A form of bankruptcy that involves total liquidation of assets. There is no repayment of debt on a Chapter 7 Bankruptcy.
Chapter 13 Bankruptcy: A form of bankruptcy that involves a repayment plan.
Charge Off: An accounting term to indicate that the creditor does not expect to collect the balance owed on an account. However, most creditors will continue to pursue collection of the debt.
Chattel: A loan secured against personal property, which is common in the financing of manufactured homes.
Clear Title: A title that is free of liens and legal encumbrances on the ownership of personal property.
Closing: The final steps in the transfer of property ownership, which usually occurs at a formal meeting between the buyer, seller, and third party agent(s), where the buyer signs the manufactured home mortgage contract. The seller receives payment for the property, the buyer and/or seller pay closing costs, and the title is transferred from the seller to the buyer.
Collateral: Expenses accepted as security for a loan, that measures the value and condition of the mobile or manufactured home to make sure it is worth at least as much as is being borrowed against it..
Commercial mortgage banker: A person who works for a bank who is in the business of making commercial mortgage loans and who is typically paid a commission based on a small percentage such as less than one percent of the loan.
Commission: The fee a real estate agent is paid for helping to sell a manufactured home that is usually based on a percentage of the purchase price of the home.
Commitment Letter: A formal offer by a lender stating the terms under which it agrees to loan money to a mobile home buyer or borrower.
Community Reinvestment Act (CRA): A federal law that encourages lenders to meet the credit needs of their local communities.
Comparative Market Analysis (CMA): A written analysis of comparable houses currently being offered for sale and comparable houses sold in the past six months in the general area.
Condominium: A home that is attached to other homes and shares common areas that everyone in the building, development, or community owns together and maintains through a homeowner's association fee.
Concession: A benefit granted by a seller to induce a buyer to make an offer
Consolidation Loan: A manufactured home loan obtained that combines payments of separate bills into one loan payment.
Contingency: A condition put in a purchase agreement when an offer is made to buy a manufactured home.
Contract for Deed: A type of seller financing, also known as "owner carry", where the buyer makes a down payment and installment payments to the seller, but there is no transfer of title for the borrower to own the home until the loan is fully paid or the manufactured home is refinanced into the borrower's name.
Contractor: An individual who is hired to build or rehabilitate a property.
Conventional Mortgage: A loan made by for-profit lenders and not insured by the federal government.
Cooperative (Co-op): A type of group ownership where all members own the community's living units and common areas by owning shares of the property. See Condominium.
Co-signer: A person who agrees to share credit responsibilities and repays the debt if the original borrower defaults.
Counteroffer: A response from the seller changing some of the terms of an original offer.
Credit: The granting of money in exchange for a promise of future repayment that measures an applicant's likeliness to repay a loan based on how previous debts have been handled and paid.
Credit Counseling: Advice given by professional counselors to inform people about how to use credit responsibly and how to get out of serious debt. Credit Counseling services will also make repayment arrangements with the original creditors.
Creditor: Any person or business to whom the consumer owes money and who has the right to undertake legal action to attain money owed on the original debt..
Credit Report: A record of how a consumer has paid credit in the past. Used as a guide to determine a potential manufactured home buyer's creditworthiness.
Credit Reporting Agency: A company that gathers, files and sells information to creditors and others with a legitimate business purpose. Also called a "credit bureau."
Credit scoring: In mortgages, the process of evaluating and rating a loan applicant according to the quality of his or her credit worthiness based on past use of credit, current indebtedness and frequency of application for credit and where a person's score may determine whether he or she is eligible for conventional loan standard terms or must obtain a sub-prime loan with less favorable terms.
Credit Union: A financial institution that is a cooperative and offers checking and savings accounts and other financial services for its members. Many credit unions now offer manufactured home financing.
Creditor: A party who is owed money such as mortgage lenders, credit card companies and bond holders.
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