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Glossary T
Tax Lien
A claim against a property for unpaid taxes.
Tax Sale
The sale of a property by the government to cover unpaid taxes.
Tax Service
A service required by the lender and paid for by the borrower. This assures that the property taxes are being paid on time.
Tax Service Fee
The fee paid by the borrower to pay for the tax service.
Term
The life of the loan
Title
Evidence of ownership in real property.
Title Company
A company that researches the ownership of a property issues a Preliminary Title Report reflecting the research and then issues title insurance.
Title Insurance
An insurance policy, issued by a title company that insures a home buyer against errors in the title search. The policy compensates the buyer for any losses caused by defects in the title to the property. The lender also requires a policy to be bought protecting their interest in the property.
Title Search
The checking of all records pertaining to the ownership of a property and the liens against it.
TransUnion
One of the three largest Consumer Credit Reporting Agencies.
Truth-In-Lending
The document given to the borrower within 3 days of application that satisfies the Truth-In-Lending Act. The Annual Percentage Rate can be found on the Truth-In-Lending. Also called a Reg Z.
Truth-In-Lending Act
A federal law that requires lenders to disclose in writing the terms and conditions of a mortgage, including the APR.
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Letter A