Mortgage Glossary (T)
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Taxes and Insurance: Funds collected as part of the borrowers monthly payment and held in escrow for the payment of the borrowers state and local property taxes and insurance premiums.Termite Inspection: An inspection to determine whether a property has termite infestation or termite damage. In many parts of the country, a home must be inspected for termites before it can be sold.
Third Party Origination: A process by which a lender uses another party to completely or partially originate, process, underwrite, close, fund, or package a mortgage loan.
Title: A legal document evidencing a persons right to or ownership of a property.
Title Insurance: Insurance that protects the lender (lenders policy) or the buyer (owners policy) against losses arising from defects in the title not listed in the title report or abstract.
Title Search: A check of the public records to ensure that the seller is the legal owner of the property and to identify any liens or claims against the property.
Trade Equity: Real estate or assets given to the seller as part of the down payment for the property.
Transfer Tax: State or local tax payable when title to property passes from one owner to another.
Treasury Index: An index that is used to determine interest rate changes for certain adjustable-rate mortgage (ARM) plans. It is based on the results of auctions by the U.S. Treasury of Treasury bills and securities.
Truth in Lending: A federal law intended to promote the informed use of consumer credit by requiring disclosure about its terms and costs. Creditors are required to disclose the cost of credit as a dollar amount (the finance charge) and as an annual percentage rate (APR).
Two to Four Family Property: A residential property that provides living space (dwelling units) for two to four families, although ownership of the structure is evidenced by a single deed; a loan secured by such a property is considered to be a single-family mortgage.
Tenant In Common: can be 2 or more people owning a property with no right of survivorship. If one passes away, his or her interest passes to his next of kin, and not necessarily the co-owner on title.