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46. Construction loan

A short-term, interim loan for financing the cost of construction. The lender makes payments to the builder at periodic intervals as the work progresses.

47. Consumer reporting agency (or bureau)

An organization that prepares reports that are used by lenders to determine a potential borrower’s credit history. The agency obtains data for these reports from a credit repository as well as from other sources.

48. Contingency

A condition that must be met before a contract is legally binding. For example, home purchasers often include a contingency that specifies that the contract is not binding until the purchaser obtains a satisfactory home inspection report from a qualified home inspector.

49. Contract

An oral or written agreement to do or not to do a certain thing.

50. Conventional mortgage

A mortgage that is not insured or guaranteed by the federal government. Contrast with government mortgage.

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