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Mortgage Glossary T


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Term Definition
Take-back A loan made directly from the seller to the buyer.
Tax lien A type of lien placed on a title when the owner has not paid property or assessment taxes or other state and federal taxes.
Term The period of time which covers the life of the loan. For example, a 30 year fixed loan has a term of 30 years.
Third party origination When a lender uses another party to process mortgages for the secondary market
Title 1. Evidence of the right of property ownership; can be held solely, jointly, in common or in corporate or partnership form.
2. The evidence one has the right to possession of land.
Title 1 Loans insured by the FHA that allow the borrower to make non-luxury property improvements
Title company A company that performs and insures title searches. Usually selected by the seller, they sometimes work as a lender's agent. Depending on the preferences of the seller, buyer and others involved in the sale, the closing might take place at the title company's offices.
Title insurance Insurance against loss resulting from defects of title to a specifically described parcel of real property.
Title search An investigation into the history of ownership of a property to check for liens, unpaid claims, restrictions or problems, to prove that the seller can transfer free and clear ownership.
Total debt ratio Monthly debt and housing payments divided by gross monthly income. Also known as Obligations-to-Income Ratio or Back-End Ratio.
Transfer of ownership Any process through which the ownership of a property changes
Transfer taxes Taxes charged for a transfer of ownership
Trustee A person who controls a property for someone else (usually the owner)
Truth-in-Lending Act A federal law requiring a disclosure of credit terms using a standard format. This is intended to facilitate comparisons between the lending terms of different financial institutions.
Two step mortgage An ARM that has one interest rate for the first 5-7 years, and another interest rate for the rest of the term


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