Money

Mortgage Glossary: C

Round 3, to help you stay savvy in the world of bonds and home finance, we take a look at the letter C!

Collateral

Assets brought forward by the borrower as security for a loan and subject to removal in the event of a default

Credit Profile

Your credit report holds all the information on your credit profile. Your credit profile is a record of how you have managed all accounts and loans. It includes your utilities, store accounts etc. Your credit profile displays how you have managed these on a monthly basis from the start of payments until accounts were paid off. It will list any late payments; defaults on payments and any judgements or legal action taken against you as a result of non-payment. How well you manage these will be reflected in your credit score. Lenders look at your credit profile to ascertain your credit worthiness on your loan application.

Conveyance

The process of transferring a property title from the seller to the buyer

Closing

Closing refers to the stage in the selling or buying process where the offer to purchase has been signed and the finalising of the sale has begun. Title deeds are transferred from the seller to the buyer.

Closing costs

Closing costs are those costs the buyer must pay at the time of closing, eg. Transfer or Conveyance fees as well as the deposit. Also referred to as Settlement.

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