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Mortgage Glossary

Contingency

A condition that must be met before the sales contract for your new home is legally binding. For example, the contract might not be binding until a satisfactory home inspection report is obtained from a qualified home inspector.

Conventional Mortgage

A loan that is not part of a government housing program, and is not insured or guaranteed by the federal government. A conforming loan, for instance, is an example of a conventional mortgage.

Conversion Option

A provision in some adjustable rate mortgages (ARMs) that allows you to change the ARM to a fixed rate mortgage. Also known as Conversion Clause.

Convertible ARM

An adjustable rate mortgage that can be converted to a fixed rate mortgage under specified conditions, usually by refinancing or exercising a conversion option.

Conveyance

The transfer of a property title from one person to another. There are many ways to do a conveyance — with the title agent or attorney, for example.

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