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Mortgage
Glossary - Mortgage and Real Estate Terms Sorted Alphabetically:
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T – tax lien, tenancy in common, tenant, term, title, title insurance…more
TAX LIEN - a claim against property for unpaid taxes.
TENANCY IN COMMON - a form of undivided ownership interest by two or more
persons that provides for no right of survivorship. The interest need not be
equal percentages.
TENANT - one who is not the owner, but occupies real property under consent of
the owner, and in subordination to the owner's title. The tenant is entitled to
exclusive possession, use and enjoyment of the property, usually for a time and
amount specified in a lease or rental agreement.
TERM - the period of time between the commencement date and termination date of
a note, mortgage, deed of trust, legal document or other contract.
30 year fixed rate mortgages have been traditionally the most popular
mortgage product in the market.
TITLE - written evidence of the right to or ownership in real property. Title
may be acquired through purchase, inheritance, devise, gift, or through
foreclosure of a mortgage.
TITLE INSURANCE - a contract by which the insurer agrees to pay the insured a
specific amount for any loss caused by defects of title to real estate, wherein
the insured has an interest as purchaser, mortgagee or otherwise.
TITLE SEARCH - an examination of public records, laws and court decisions, to
ensure that no one except the current owner has a valid claim to the property,
and to disclose past and current facts regarding ownership of the subject
property.
TOWNHOUSE - a row house on a small lot, which has exterior limits common to
other similar units. Title to the unit and its lot is vested in the individual
owner with a fractional interest in common areas, if any. AAXA works with many
lenders who provide
home financing for townhouses.
TRUSTEE - one who holds legal title to property for the benefit of another, or
to secure performance of a specific obligation.
TRUTH-IN-LENDING ACT (TILA) - the Federal Truth-in-Lending Act (PL. 90-321, 15
USC 1601 et seq.) Part of the Consumer Credit Protection Act of 1965, a Federal
law that requires lenders to provide full written disclosure of credit terms
and conditions, the finance charges, the annual percentage rate (APR), and
other fees and charges incurred in a consumer loan agreement.
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A
- adjustable rate mortgage, adjustment interval, amortization, annual
percentage rate (APR)…more
B – balloon mortgage, bankruptcy, basis point, beneficiary…more
C - caps, cash flow, cash out (second mortgage), cash out refinance…more
D - debt consolidation, debt service, debt reduction plan, debt-to-income
ratio…more
E - earned and unearned income, earnest money, easement, economic life…more
F - Fair Credit Reporting Act, fair market value, Fannie Mae…more
G - good faith estimate, grace period, gradual payment mortgage (GPM),
grantee…more
H - home equity, home improvement loan, Home Mortgage Disclosure Act
(HMDA)…more
I - index, in file credit report, inflation, initial interest rate, ingress and
egress…more
L - lender buy-down mortgage, liability insurance, LIBOR, loan application…more
M - manufactured home, market value, maximum loan amount, mechanic’s lien…more
N - negative amortized (Neg/AM), Neg AM Loans, negative cash flow, net
worth…more
O - obsolescence, off-site improvements, on-site improvements, ordinary
income…more
P – par, partial payment, partnership, party wall, payment shock…more
Q – quality control, quit claim deed, quote…more
R – rate shopper, real property, real estate loans, reconciliation…more
S – sales contract, satisfaction or mortgage, seasoned mortgage, second
mortgage…more
U – underwriting, unencumbered property, uniform commercial code (UCC)…more
V – VA (Department of Veterans Affairs) Mortgage, vacancy rate, VA funding
fee…more
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