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home :: Mortgage Terms
Glossary T
Mortgage Terms Glossary
T
Tax deed: a written document conveying
title to property repossessed by the government due to default on
tax payments.
Tax savings: the deduction a taxpayer
can take on their tax form for interest paid on a home mortgage. The
amount of money that the homeowner is not required to pay the
government in taxes because he or she owns a home.
Taxes: as a part of PITI, the amount of
the monthly mortgage payment which does not include the principal,
interest, and insurance.
Tenancy:
joint tenancy - equal ownership of
property by two or more parties, each with the right of
survivorship.
tenancy by the entireties -
ownership of property only between husband and wife in which
neither can sell without the consent of the other and the
property is owned by the survivor in the event of death of
either party.
tenancy in common - equal ownership
of property by two or more parties without the right of
survivorship.
tenancy in severalty - ownership of
property by one legal entity or a sole party.
tenancy at will - a license to use
or occupy a property at the will of the owner.
Title: a formal document establishing
ownership of property.
Title 1: an FHA-insured loan that
allows a borrower to make non-luxury improvements (like renovations
or repairs) to their home; Title I loans less than $7,500 don't
require a property lien.
Title insurance: insurance that
protects the lender against any claims that arise from arguments
about ownership of the property; also available for homebuyers.
Title search: a check of public records
to be sure that the seller is the recognized owner of the real
estate and that there are no unsettled liens or other claims against
the property.
Trust deed: see deed of trust.
Truth-in-Lending: a federal law
obligating a lender to give full written disclosure of all fees,
terms, and conditions associated with the loan initial period and
then adjusts to another rate that lasts for the term of the loan.
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