Mortgage Glossary

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There are 8 terms in this glossary beginning with the letter T.
Tenancy in common
one or more persons may possess the property title, but ownership may be declared in various percentages.

Third-party fees
see Closing costs.

the official document used in the real estate industry that specifies at any one time who owns a piece of property.

Title company
a title company typically handles all tasks associated with the property title, including insurance and search.

Title insurance
insurance taken out on the property title that protects both borrower and lender in the event of a title dispute.

Title search
research on a property title usually conducted by a title company to determine if there exist any outstanding liens against the property prior to a sales transaction.

Truth in Lending disclosure
a document that all lenders are required to provide when a borrower applies for a home loan. The document discloses interest rates, the amount to be loaned, plus the final cost of the loan upon maturity.

Turnaround loan
see Bridge loan