Loan Glossary
Plain-English definitions for every term you'll encounter in the loan process
Showing 3 terms
in Mortgage starting with C
C
Cash-Out Refinance
MortgageReplacing an existing mortgage with a larger loan and receiving the difference in cash. Homeowners use this to access home equity for renovations, debt payoff, or other purposes.
Conforming Loan
MortgageA mortgage that meets Fannie Mae and Freddie Mac guidelines, including loan amount limits set annually by the FHFA. Conforming loans typically offer lower interest rates than non-conforming (jumbo) loans.
Conventional Loan
MortgageA mortgage not insured or guaranteed by a government agency (unlike FHA, VA, or USDA loans). Conventional loans follow Fannie Mae/Freddie Mac guidelines and typically require higher credit scores and down payments.