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Mortgage Glossary

Co-op or Cooperative

A form of home ownership in which you purchase an interest in a property — usually a multi-family dwelling — with occupancy rights to a particular unit. You become a member of a co-op association, which is responsible for all aspects of the property's operation, including maintenance and repairs. These costs are covered by an association fee.

Corporate Relocation

An arrangement through which an employer moves an employee to another area of the country. Typically, as part of the relocation agreement, the employer pays a portion of moving and mortgage-related expenses. Many companies specialize in providing complete corporate relocation services.

Credit

Your purchase of the present use of money with the promise to pay it back in an agreed-upon time period, and at a cost usually defined by an interest rate.

Credit Bureau

A company that provides information to a lender about your creditworthiness, based on your credit history. The three major national credit bureaus are Equifax, Experian, and Trans Union. Also called Consumer Credit Reporting Agency or Credit Repository.

Credit History

Your debt and repayment history on loans and credit cards.

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