Cap
Adjustable Rate Mortgage limitations. Such as how much the loan can adjust over a specific period of time and over the life of the loan

Certificate of Reasonable Value (CRV) 
A certificate issued by the Veterans Administration after an appraisal is finished on a property purchased with a V.A loan.


Clear Title
A properties title free and clear of any liens or legal questions as to who owns the property.

Close 
The final real estate transaction where all papers are signed, funding dispersed and documents are recorded. (Keys Please!)
Closing Costs
Expenses over and above the price of the property being purchased. Cost charged to the buyer and seller in transferring ownership of a property.

Comparable Sales
Current sales of similar properties in similar area. Used to determine the market value of a property by brokers and appraisers

Contingency
A specific condition that must be met before a contract is legally binding.

Conventional Mortgage
Commercial or Home loans. Any other than government loans (VA and FHA).

Convertible ARM
An adjustable-rate mortgage that allows the borrower to change the ARM to a fixed-rate mortgage within a specific time.

Cost of funds index (COFI)
One of the indexes used to calculate interest rate changes for adjustable-rate mortgages.