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Balance: The amount of the original mortgage loan remaining to be paid. It is equal to the loan amount less the sum of all prior payments of principal.

Balloon mortgage: A mortgage which is payable in full after a period that is shorter than the term. It therefore has a balloon that must be repaid or refinanced. On a 7-year balloon term, for example, the payment is usually calculated over a 30-year period, and the balance at the end of the 7th year must be repaid or refinanced at that time.

Closing Costs: total fees paid in conjunction with the financing or refinancing of a home for items such as attorney fees, written appraisal fee, credit report, recording fee, etc.

Commitment Letter: a written loan approval that sets forth the terms and conditions under which the loan is made. The body of the letter specifies your loan amount, loan structure, interest rate, and any conditions that must be met prior to closing.

Credit report: a report containing detailed information on a person's credit history, including: credit accounts, loans, bankruptcies, late payments, and recent inquiries. It is used to determine a person's creditworthiness.

Condominium: A form of property ownership in which the homeowner holds title to an individual dwelling unit, an undivided interest in common areas of a multi-unit project, and sometimes the exclusive use of certain limited common areas.

Conforming mortgage: A loan eligible for purchase by the two major Federal agencies that buy mortgages, Fannie Mae and Freddie Mac.

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

Conventional Mortgage: Any mortgage that is not guaranteed or insured by the federal government.

Conversion option: The option to convert an adjustable rate mortgage to a fixed rate mortgage at some point during its life. These loans are likely to carry a higher rate or points than adjustable rate mortgages that do not have this option.

Current index value: The most recently published value of the index used to adjust the interest rate on indexed adjustable rate mortgages.

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