Cap
The maximum allowable increase, for either payment or interest rate, for a specified amount of time on an adjustable rate mortgage.

Cash Out
Receiving money back when refinancing your present mortgage.

Ceiling
The maximum allowable interest rate over the life of the loan of an adjustable rate mortgage.

Closing Costs
Any fees paid by the borrowers or sellers during the closing of the mortgage loan. This normally includes an origination fee, discount points, attorney's fees, title insurance, survey and any items which must be prepaid, such as taxes and insurance escrow payments.

Conforming Loan
Generally, a mortgage loan under $203,150. Qualifying ratios and underwriting methods are standardized to a large degree.

Contract of Sale
The agreement between the buyer and seller on the purchase price, terms and conditions necessary for both parties to convey the title to the buyer.

Credit Limit
The maximum amount that you can borrow under a home equity plan.