Mortgage Glossary – T
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Tax Impound
Money paid to and held by a lender for annual tax payments.
Tax Lien
Claim against a property for unpaid taxes.
Tax Sale
Sale of property by a government body as a result of non-payment of taxes.
Term
The period of time within which a loan must be paid off.
Title
Legal evidence of ownership of a property. Also indicates the rights of ownership and possession of the property.
Title Insurance Company
A company that insures title to property.
Title Insurance
Insurance Policy which protects a lender (lender’s policy) or a buyer (owner’s policy) against loss due to title error or disputes over ownership of a property.
Title Search
An examination of public records to ensure that the seller is the legal owner of a property and that there are no liens or other claims against the property.
Trans Union
One of the three largest credit bureaus in the United States.
Transfer Tax
State of local tax paid when title passes from one owner to another.
Truth-in-Lending Act
Federal law requiring full written disclosure of the Credit terms of a mortgage using a standard format.
