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Mortgage Glossary

Community Property

In some states, property acquired during a marriage is legally considered to be jointly owned.

Comparable Properties

Recently sold properties with similar features to the one being appraised. Comparables have similar size, location, and amenities, and help an appraiser estimate the property's fair market value. Also known as Comps.

Condominium

A popular form of home ownership. You own the airspace within the walls, but not the actual walls, ceilings or floors. You may also own a percentage of common areas such as a swimming pool. Common areas are usually maintained by a condominium association, which charges a regular fee.

Conforming Loan

A mortgage loan that meets all the eligibility requirements for purchase by federal agencies such as Fannie Mae and Freddie Mac. The maximum conforming loan amount changes from time to time and varies according to geographical location. Our experienced mortgage representatives are happy to work with you to give you up-to-date information about the loan limits for your local area.

Construction Loan

A short-term loan for financing the cost of construction. The lender makes periodic loan payments directly to the builder or contractors as the home is built.

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