Dictionary

Convertible Mortgage

Definition: A financing method allowing a change from an adjustable-rate to a fixed-rate mortgage. Pronunciation:   \kən-ˈvər-tə-bəl\ \ˈmȯr-gij\ Used in a Sentence:   We were able to change to a fixed-rate mortgage because we...

Conversion

Definition:   Unauthorized use or withholding of money or property that rightfully belongs to another person. Pronunciation:   \kən-ˈvər-zhən, -shən\ Used in a Sentence:   The broker was charged with conversion for using earnest...

Conventional Loan

Definition:  A real estate loan that is neither FHA- insured or VA-guaranteed. Pronunciation:   \kən-ˈvench-nəl, -ˈven(t)-shə-nəl\  \ˈlōn\ Used in a Sentence:    We were able to purchase our house by obtaining a...

Contract For Deed

Definition: A financing method wherein the seller agrees to deliver the deed at some future date and the buyer takes possession while paying the contracted amount.  Also called a land contract,...

Contract

Definition: An agreement between two or more competent parties to do, or not do, a specified legal act for a legal consideration. Pronunciation:  \ˈkän-ˌtrakt\ Used in a Sentence:   Both the buyer and...

Consumer Price Index (cpi)

Definition:   A measurement of average price changes of goods and services during a base period. Pronunciation:   \kən-ˈsü-mər\ \ˈprīs\ \ˈin-ˌdeks\ Used in a Sentence:   The Consumer Price Index is used to determine...