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Mortgage Glossary

Cap (Interest Rate)

See Rate Cap.

Cap (Payment)

See Payment Cap.

Cash Out Refinance

A refinance loan in which the new loan amount is larger than the remaining balance of all current mortgages, giving you cash that can be used for any purpose. Many homeowners use a cash out refinance to pay for home improvements, to consolidate debt, or to take needed cash from the equity earned by the property.

Certificate of Title

A record of property ownership issued by a title company or other qualified source. It is based on a title search to determine that the seller is the current legal owner, and to identify any liens on the property.

Certified Funds

In the United States this form of payment is guaranteed to clear or settle by the company that which certified the funds. When purchasing property the seller requires a guarantee that the payment will satisfy the obligations, sellers require certified funds in the form of a cashiers check, certified bank check or money order. Personal checks and credit cards are not acceptable.

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