Mortgage Glossary

one or more persons may possess the property title, but ownership may be declared in various percentages.

see Closing costs.

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

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

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

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.

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.

see Bridge loan