Montrose, CO Office

Moab, UT Office

Call Option - A loan feature that allows the lender to require repayment of the loan in full before the term of the loan is up.

Caps - Limits on changes in ARM interest rates or monthly payments, either in an adjustment period or over the life of the loan.

Caps (interest) - Consumer safeguards which limit the amount the interest rate on an adjustable rate mortgage can change in an adjustment interval and/or over the life of the loan.

Caps (payment) – Consumer safeguards which limit the amount monthly payments on an adjustable rate mortgage may change. Since they do not limit the amount of interest the lender is earning, payment caps may cause negative amortization.

Cash Out/Cash Back - A refinance loan for more than the balance of the original mortgage,. so that the excess money is taken out of proceeds of the borrower’s equity built up in the home.

Cashier's Check (or Bank Check) - A check whose payment is guaranteed because it was is paid for in advance and is drawn on the bank's account instead of the customer's.