Montrose, CO Office

Moab, UT Office

Contract of Sale - The agreement between the buyer and seller on the purchase price, terms, and conditions of a sale.

Conventional Loan - A mortgage not insured by the FHA or guaranteed by the VA.  Also can be rendered to as conforming conventional.

Conversion Clause – A provision in some ARMs that allows changing an ARM to a fixed-rate loan, usually after the first adjustment period. The new fixed rate is set at based on a formula tied to current rates, and there may be a charge for the conversion feature.

Convertible ARMs - ARMs with the option of conversion to a fixed loan during a given time period (see "Conversion Clause").

Conveyance – The transfer of a deed, lease or mortgage.

Covenants, Conditions and Restrictions (CC&Rs) - A document that defines the use, requirements and restrictions of a property.

Credit Report - A report detailing the credit history of a prospective borrower, used to help determine creditworthiness.

Credit Risk - The possibility that the borrower may default on financial obligations to the investor.