Mortgage Glossary - T
Definitions of Mortgage Terms
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- Tax Shelter - An investment that is planned to result in tax-favored treatment. The IRS has placed restrictions on tax shelters where the principal purpose of the activity appears to be the avoidance or evasion of taxes or where the activity might result in more deductible expenses than the investors have at risk.
- Third Party Originator - 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.
- Title- A legal document evidencing a person's right to or ownership of a property.
- Title Company - A company that specializes in examining and insuring titles to real estate.
- Title Defect - A legal claim by others to property, or the right to make demands upon an owner.
- Title Insurance - Insurance that protects the lender (lender's policy) or the buyer (owner's policy) against loss arising from disputes over ownership of a property.
- Trade Equity - A swap of property, such as real estate or a car, as part of a down payment for other real estate.
- Truth in Equity Act - A federal law that requires lenders to fully disclose, in writing, the terms and conditions of a mortgage, including the annual percentage rate (APR) and other charges.
- Two step Mortgage - An adjustable-rate mortgage (ARM) that has one interest rate for the first five or seven years of its mortgage term and a different interest rate for the remainder of the amortization term.