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Houston Mortgage > Glossary >
Mortgage > C 41-50
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Cloud on title
A claim on title to property that could impair the ability to transfer ownership.
CLTV
Combined loan-to-value ratio. A person's overall mortgage debt load, expressed as a percentage of the home's fair market value. Someone with a $50,000 first mortgage and a $20,000 home equity loan secured against a $100,000 house would have a CLTV ratio of 70 percent.
Cluster development
A doctrine by which a local government specifies the population density of a planned development, and the developer has the option of making some areas of the development more densely populated than others.
CM
Short for compounding method. Used in Bankrate tables. These include: S--Simple interest. A--Compounded annually. H--Compounded semi-annually. Q--Compounded quarterly. M--Compounded monthly. D--Compounded daily.
Co-housing
Also called cohousing, cooperative housing and community housing, an arrangement in which dwelling units have access to a shared space with a large kitchen, dining hall, laundry and children's play areas.
Co-maker
Any party that co-signs a promissory note. All co-makers assume responsibility for the loan if any of the other co-signers renege.
Co-signer
A person who signs a promissory note that is also signed by one or more other parties. All parties take responsibility for the debt if any of the others renege.
COFI
Short for cost-of-funds-index. A yield index based upon the cost of funds to savings & loan institutions in the San Francisco Federal Home Loan Bank District. It is one of the indexes commonly used to set the rate of adjustable rate mortgages.
Collateral
Property pledged as security to a debt. If the borrower fails to repay the loan, the lender may gain ownership of the collateral and sell it to recover the money.
Combined loan-to-value ratio
A person's overall mortgage debt load, expressed as a percentage of the home's fair market value. Someone with a $50,000 first mortgage and a $20,000 home equity loan secured against a $100,000 house would have a CLTV ratio of 70 percent.
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Houston Home Mortgage