Closing Disclosure or CD

is a five-page form that provides final details about the mortgage loan you have selected. It includes the loan terms, your projected monthly payments, and how much you will pay in fees and other costs to get your mortgage (closing costs).

Co-Borrower

A person who along with the primary borrower accepts responsibility for repaying the mortgage also referred to as co-applicants. The co-borrower is most cases are required to live in the secured property as the borrower. A co-borrower is often added to the application to help the primary borrower qualify for a...

CODI (Certificate of Deposit Index)

N/A The Certificates of Deposit Index is a 12- month moving average of the monthly yields on 3 month certificates of deposit as published by Federal Reserve Board. The CODI is announced the first business Monday of each month and remains effective from that day until the first business Monday of the following month. Historically, CODI does not move up or down as rapidly as market interest rates such as the Bank Prime, Federal Funds rate or Treasury bill rates because of the method used to calculate the...

Collateral

Assets (such as your home) pledged as security for a debt.

Combined Loan-To-Value (CLTV)

The percentage of the property value borrowed through a combination of more than one loan. (Example- the balance of the first mortgage and the balance of the home equity loan or line of credit dividing the total into the current market value of the property.)

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