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
- Tax
As applied to real estate, an enforced charge imposed on persons, property or income, to
be used to support the State.
The governing body in turn utilizes the funds in the best interest of the general
public.
- Term
mortgage
See Balloon payment mortgage.
- Third-party origination
When a lender uses another party to completely or partially originate, process,
underwrite, close, fund, or package the mortgages it plans to deliver to the secondary
mortgage market.
- Title
A document that gives evidence of an individual's ownership of property.
- Title
company
A company that specializes in examining and insuring titles to real estate.
- Title
insurance
Insurance that protects the lender (lender's policy) or the buyer (owner's policy)
against loss arising from disputes over ownership of a property.
- Title
search
An examination of municipal records to determine the legal ownership of property any
liens, overdue special assessments, or other claims or outstanding restrictive covenants
filed in the record, which would adversely affect the marketability or value of title.
Usually is performed by a title company.
- Total
expense ratio
Total obligations as a percentage of gross monthly income including monthly housing
expenses plus other monthly debts.
- Transfer
agent
A bank or trust company charged with keeping a record of a company's stockholders and
canceling and issuing certificates as shares are bought and sold.
- 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 that the U.S. Treasury holds
for its Treasury bills and securities or is derived from the U.S.
Treasury's daily yield curve, which is based on the closing market bid yields on
actively traded Treasury securities in the over-the-counter market. See Adjustable Rate Mortgage (ARM).
- Trustee
A party who is given legal responsibility to hold property in the best interest of or
"for the benefit of" another. The trustee is one placed in a position of
responsibility for another, a responsibility enforceable in a court of law. See Deed of trust.
- Truth-In-Lending
A federal law requiring disclosure of the Annual Percentage Rate to home buyers shortly
after they apply for the loan. Also known as Regulation Z.
- Two-Step Mortgage
A mortgage in which the borrower receives a below-market interest rate for a specified
number of years (most often seven or 10), and then receives a new interest rate adjusted
(within certain limits) to market conditions at that time. the lender sometimes has the
option to call the loan due with 30 days notice at the end of seven or 10 years. also
called "Super Seven" or "Premier" mortgage.
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
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