Debt Ratio | To compare the total monthly payments of all of the borrower’s debts (including the mortgage) with the gross monthly income of the borrower. It evaluates the borrower’s ability to pay mortgage. Also called Debt-to-Income ratio.
Debt | A sum of money due by a certain and express agreement; a specified sum of money owing to one person from another, including not only obligation of debtor to pay but the right of the creditor to receive and enforce payment.
Creditor | One to whom money is owed.
Credit report | A document from a credit bureau setting forth a credit rating and pertinent financial data concerning a person or a company and used by banks, merchants, suppliers and the like in evaluating a credit risk.
Counteroffer | A response given to an offer.
Conveyance | A written instrument that transfers title to or an interest in land from one party to another (i.e. a deed, an assignment, a bill of sale, etc.)
Conventional Loan | A loan that requires no insurance or guarantees.
Contract | An agreement between two or more persons that creates an obligation to do or not to do a particular thing.
Contingency | A specified condition that must be fulfilled before a contract becomes firm and binding.
Condemnation | A judicial or administrative proceeding to exercise the power of eminent domain, through which a government agency takes private property for public use and compensates the owner.