Mortgage and Real Estate Terms Sorted Alphabetically:
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.
Mortgage Glossary - Mortgage and Real Estate Terms Sorted Alphabetically:
Mortgage
Glossary
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
T
– tax lien, tenancy in common, tenant, term, title,
title insurance…more
U
– underwriting, unencumbered property, uniform commercial
code (UCC)…more
V
– VA (Department of Veterans Affairs) Mortgage, vacancy
rate, VA funding fee…more
