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0-9 | MORTGAGE LOAN TERMS
MORTGAGE LOAN COLLECTION
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- Teaser Rate
- Advertised below-market interest rate by a mortgage company to lure an individual into obtaining a mortgage loan from them.
- Temporary Buydown
- Lump sum payment made at the beginning of a mortgage loan term used to reduce the monthly payment for a specified period of time.
- Term
- Length of time to fully repay a mortgage loan according to its particular loan program. The standard term lengths for mortgage loans in the United States is 15 years, 30 years, and more recently 40 years.
SIMILAR MORTGAGE TERMS: Amortization Term
- Termite and Pest Inspection
- Inspection of a house for pests and termites by a licensed company. Termite and pest inspection certificates are commonly required by a mortgage bank or lender before approving a loan for the purchase of residential property.
- Third Mortgage
- Mortgage loan acquired after a first and second mortgage loan that is used to finance the entire cost or value of a property.
RELATED MORTGAGE TERMS: 100% CLTV|Home Equity Line of Credit (HELOC)|Second Mortgage|80/10/10 and 80/15/5 Loans
- Third Party Origination
- Origination of a mortgage loan that is not acquired directly by the mortgage company, and often refers to an affiliate company that sells and distributes completed mortgage loan applications.
RELATED MORTGAGE TERMS: Loan Origination
- Title
- In terms of real estate, it is the document that declares the owners for a real property and any liens that are held against that property.
RELATED MORTGAGE TERMS: Certificate of Title|Lien on Title
MORTGAGE LOAN EXAMPLES: Title
- Title 1
- FHA insured mortgage loan that is used to make repairs and upgrades to the property of an individual.
- Title Search
- Request for a copy of a government recorded title deed of a real estate property. In terms of a mortgage loan, the title is requested using a completed and signed statement of information (SI) by an individual to authorize the title search, obtain the title deed, and have it checked for any incorrections, mismatches, and liens against it.
RELATED MORTGAGE TERMS: Statement of Information (SI)|Stips
- Title Insurance
- Insurance policy typically obtained by mortgage loan lenders to cover legal damages that may occur from an error regarding the legality of real estate ownership by an individual or group.
- Total Housing Expense
- Sum of all mortgage payments, homeowners insurance, homeowner association dues, taxes, utilities, and various other monthly recurring debt for an entire year.
RELATED MORTGAGE TERMS: Monthly Housing Expense
- Total Expense Ratio
- Ratio of the total housing expense to the year total income of an individual.
RELATED MORTGAGE TERMS: Total Housing Expense
- Total Interest Payments
- For a mortgage loan it may be either the sum of all interest payments made to date or the total interest payments for the complete life of the loan.
- Townhouse (THOUSE)
- House that is built connected into a row of houses.
RELATED MORTGAGE TERMS: Condominium
MORTGAGE LOAN EXAMPLES: Townhouse
- Transunion
- One of the three major credit bureaus.
RELATED MORTGAGE TERMS: Credit Bureau|Equifax|Experian (TRW)
- Treasury Index
- Yield table that is paid on by government debt which is used to determine the interest for various adjustable rate mortgage (ARM) loans.
RELATED MORTGAGE TERMS: Adjustable Rate Mortgage (ARM)|Interest Rate
- Truth in Lending Act
- Federal law that mandates mortgage banks and lenders to disclose specific information regarding quoted loan programs for borrowers to have the ability of comparing mortgage loans.
MORTGAGE LOAN EXAMPLES: Truth in Lending
- Two Step Mortgage
- Mortgage loan program in which the initial interest rate is fixed for the first years of the loan, and then becomes another interest rate for the remaining term of the loan. The initial interest rate typically remains fixed for the first first five to seven years with this loan program.
MORTGAGE LOAN EXAMPLES: Two Step Mortgage Loan
MORTGAGE LOAN COLLECTION
MORTGAGE LOAN TERMS | 0-9
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MORTGAGE LOAN GLOSSARY
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MORTGAGE LOAN COLLECTION
