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Mortgage Tools Glossary
Glossary of terms used on this site
There are 84 entries in this glossary.All
| Term | Definition |
|---|---|
| Title |
A legal document evidencing a person's right to or ownership of a 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. |
| Transfer of Ownership |
Any means by which the ownership of a property changes hands. Lenders consider all of the following situations to be a transfer of ownership: the purchase of a property "subject to" the mortgage, the assumption of the mortgage debt by the property purchaser, and any exchange of possession of the property under a land sales contract or any other land trust device. |
| Transfer Tax |
State or local tax payable when title passes from one owner to another. |
| Truth-in-Lending |
A federal law that requires lenders to fully disclose, in writing, the terms and conditions of a mortgage, including the annual percentage rate (APR) and other charges. |
| Ttitle Search |
A check of the title records to ensure that the seller is the legal owner of the property and that there are no liens or other claims outstanding. |
| Vested |
Having the right to use a portion of a fund, such as an individual retirement fund. For example, individuals who are 100 percent vested can withdraw all of the funds that are set aside for them in a retirement fund. However, taxes may be due on any funds that are actually withdrawn. |
| Veterans Administration (VA) |
An agency of the federal government that guarantees residential mortgages made to eligible veterans of the military services. The guarantee protects the lender against loss and thus encourages lenders to make more mortgages available to veterans. |
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