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Assumption:
The transfer of the seller's existing mortgage to the buyer.
Binder:
A preliminary agreement, secured by the payment of earnest money, under which a buyer offers to purchase real estate.
Cap:
A provision of an ARM limiting how much the interest rate or mortgage payments may increase.
Cash reserve:
A requirement of some lenders that buyers have sufficient cash remaining after closing to make the first two mortgage payments.
Clear title:
A title that is free of liens and legal questions as to ownership of the property.
Closing:
The occasion where a sale is finalized; the buyer signs the mortgage, and closing costs are paid. Also called "settlement".
Closing costs:
Expenses (over and above the price of the property) incurred by buyers and sellers in transferring ownership of a property. Also called "settlement costs".
Commitment letter:
A formal offer by a lender stating the terms under which it agrees to loan money to a home buyer.
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