Mortgage Terms

A, B, C, D-E, F-G, H-K, L-M, N-Q, R-S, T-Z

 

Tax Lien
lien imposed for non-payment of taxes.

Time is of the Essence
legal phrase in a contract meaning that punctual performance is required in meeting obligations.

Title
a legal document designating ownership of a property.

Title Binder
written evidence of temporary title insurance coverage.

Title Insurance
an insurance policy that protects the insured (purchaser and/or lender) against loss arising from disputes over ownership.

Treasury Index
see index.

Truth-in-Lending
a federal law that requires lenders to disclose, in writing, the complete terms and conditions of a mortgage.

Underwriter
the person or company that actually decides whether or not to release funds for a mortgage. Underwriters make a final analysis of a borrower's credit worthiness, and may request additional information before issuing the loan.

VA Mortgage
a loan guaranteed by the Department of Veterans Affairs. These mortgages have low or no down payments, less stringent requirements for qualification, and are only available to active members of the armed forces, veterans, and their spouses.

Wrap-Around Mortgage
a mortgage that includes the remaining balance from an old mortgage, plus a new amount.