Mortgage Glossary - T

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Tenants in Common - A percentage interest in a property by two or more individuals without rights of survivorship.

Term Mortgage - See Balloon Payment Mortgage.

Title Insurance - The insurance policy insuring the lender and/or the buyer that the liens are as stated in the title report. Any claim arising from a lien other than that disclosed is payable by the title insurance company.

Title Search - An examination of municipal records to determine the legal ownership of property. Usually is performed by a title company.

Title
The written evidence that proves the right of ownership of a specific piece of property.

Title Insurance
Protection for lenders or homeowners against financial loss resulting from legal defects in the title.

Transaction Fee
A fee which may be charged each time you draw on a home equity credit line.

Trust Deed - The Trust Deed attaches the note as a lien on the property. This is the document which conveys the ability to collect from the proceeds of the property.

Truth-in-Lending - A federal law requiring disclosure of the Annual Percentage Rate to homebuyers shortly after they apply for the loan. Also known as a TIL

Two-Step Mortgage - A mortgage in which the borrower receives a below-market interest rate for a specified number of years (most often seven or 10 years), and then receives a new interest rate adjusted (within certain limits) to market conditions at that time. The lender sometimes has the option to call the loan, due within 30 days notice at the end of seven or 10 years. Also called "Super Seven" or "Premier" mortgage.