Quickloans Glossary

A | B | C | D | E | F | G | H | I | J | K | L | M | N |
O | P | Q | R | S | T | U | V | W | X | Y | Z

 
T

TERM MORTGAGE
See balloon payment mortgage.

TITLE
A document that gives evidence of an individual's ownership of property.

TITLE INSURANCE
A policy, usually issued by a title insurance company, which insures a homebuyer against errors in the title search.

TITLE SEARCH
An examination of public records to determine the legal ownership of property. Usually is performed by a title company.

TRUTH-IN-LENDING
A federal law requiring disclosure of the Annual Percentage Rate to homebuyers shortly after they apply for the loan.

TWO-STEP MORTGAGE
Mortgage in which the borrower receives a below-market interest rate for a specified number of years (usually 5 or 7 years), and then a new interest rate adjusted (within limits) to market conditions at that time.

Back to Top