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T
Takeout
Mortgage -
A permanent mortgage, obtained by
pre-arrangement between a builder
and a financial institution, to repay
the interim mortgagee at the completion
of construction. top
of page
Tax Lien -
A claim against real estate for the
amount of its unpaid taxes. top
of page
Third-Party Origination -
A process by which a lender uses another
party to completely or partially originate,
process, underwrite, close, fund,
or package the mortgages it plans
to deliver to the secondary mortgage
market. top
of page
Title -
A legal document showing a person's
right to or ownership of a property.
top
of page
Title Company -
A company that specializes in examining
and insuring titles to real estate.
top
of page
Title Insurance -
Title Insurance policies typically
insure a homebuyer against any title-search
errors or mistakes, and against loss
due to disputes over property ownership.
Title Insurance can additionally offer
protection to the lender under similar
circumstances. The cost of title insurance
is usually a set value per thousand
of dollars of the total loan amount.
top
of page
Title Search -
A check of the title records to make
sure that the seller is the actual
legal owner of the property, and that
there are no liens or other claims
outstanding. top
of page
Total Debt Ratio -
Monthly debt and housing payments
divided by gross monthly income. Also
known as Back-End Ratio. top
of page
Transfer of Ownership -
The means by which the ownership of
a property changes hands. Examples
of such include the purchase of a
property "subject to" the
mortgage, the assumption of the mortgage
debt by the property purchases, and
any exchange of possession of the
property under a land sales contract
or any other land trust device. top
of page
Transfer Tax -
State or local tax payable when the
title passes from one owner to another.
top
of page
Truth-in-Lending Law -
Provision that requires lenders to
reveal the actual costs of borrowing.
top
of page
Two-Step Mortgage -
A loan where the interest rate is
fixed for the first seven years and
then is adjusted one time for the
balance of the loan period. top
of page
V
VA Loan -
A government-backed mortgage loan
supported by the US Veterans Administration.
top
of page
Variable Rate Mortgage -
See Adjustable Rate Mortgage. top
of page
Vested -
Means that one has a right to use
a portion of a fund, such as an individual's
retirement fund. top
of page
Z
Zero Percent Financing -
A loan with no interest in the contract.
The IRS imputes 10 percent for both
borrower and lender. top
of page
Zoning -
The right of a community, under its
police power, to dictate the use of
property within its boundaries. top
of page
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