dcsimg
We research, you save.
Got Questions On Rates? (855) 610-2972

If you're considering the purchase of a home soon, you need to know these Essential Steps to Successful Home Buying

The HSH Mortgage Glossary T-Z

HSH.com

To view a linked word list, View the Summary

The Mortgage Glossary Index:

A-B C D-E F-I J-M N-P Q-S T-Z

TARP
Acronym for the Troubled Asset Relief Program, a voluntary Capital Purchase Program to encourage US financial institutions to build capital to increase the flow of financing to US businesses and consumers and to support the U.S. economy. See this Treasury announcement or this Wikipedia article for more.

Tax Deed
A deed to a property purchased at a public sale. See also Tax Sale

Tax Lien
A claim against a property for due and unpaid taxes.

Tax Sale
The sale of a property, usually under a court order, to satisfy a tax lien.

Tenancy By Entirety
In some states, a type of joint ownership of property where a husband and wife are considered as one person, essentially providing an automatic right of survivorship.

Tenancy In Common
Joint ownership by two or more persons. Each person has equal rights to the property but without any right of survivorship. Ownership does not pass to the others in the event of death.

Tenancy In Partnership
A form of ownership where the title is in the name of the partnership, rather than in the names of the individual partners.

Title
Detailed documentation evidencing ownership or other right to a property. In real estate, the deed.

Title Insurance
An insurance against a loss (up to a specified amount) resulting from any dispute over ownership or other title defect.

Title Search
An examination of the public title records to ensure that the seller is the owner of the property and that there are no liens or other claims outstanding.

Townhouse
A form of ownership in real property similar to a condominium or cooperative. Generally, a series of residential units which share common walls with the adjacent units, but stand on individual lots. Owners have title to the unit and lot that they occupy. The common areas and the building exteriors are owned jointly.

Transfer Tax, Transfer Fee
Fees and taxes imposed by state and local governments when title passes from one owner to another.

Treasury indexes
A series of indexes which are used the basis for determining interest rate changes for many Adjustable Rate Mortgages.

Truth-In-Lending
A federal law and supporting regulations which require lenders to fully disclose, in writing, the terms and conditions of a loan, mortgage, or other credit. Lenders are required to specify the rate, term, fees, and other characteristics, including an Annual Percentage Rate (APR).

Two Step Mortgage (Balloon Reset)
A form of Adjustable Rate Mortgage with a one-time rate adjustment at the end of either five of seven years. The rate then remains constant for the remaining term.

Underwriting
The process of verifying the documentation and analyzing the risk associated with granting a mortgage.

VA mortgage
A residential mortgage made to an eligible military veteran. The loan is guaranteed by the Department of Veterans Affairs to protect the lender against loss in the event of default.

Warranty Deed
A deed in which the seller guarantees that title is free and clear of encumbrances other than any stated in it the contract or deed. See Quitclaim Deed

Zoning
Specification, by a municipal or city authority, of areas for particular purposes; the type of use (residential, commercial, etc.) allowed for a property located within a specified area.

More help from HSH.com

  • The salary you must earn to buy a home in the 50 largest metros

    Here’s how much salary you would need to earn in order to afford the median-priced home in your metro area.
  • Will the debt forgiven from my loan modification be treated as income and taxed?

    Mortgage debt forgiven via due to principal reductions in HAMP and other mortgage modifications aren't subject to tax, but there are conditions you should know.
  • HSH.com on the latest move by the Federal Reserve

    The Federal Reserve concluded a meeting today with no change to the federal funds rate; the target range for the key policy tool remains 1.25 to 1.5 percent.
  • How to refinance when you are self-employed

    Refinancing rules aren't the same when you are self-employed. This article explains how self-employed borrowers can successfully refinance.
  • Can home price trends predict a Super Bowl winner?

    But is there any specific relationship between home prices, mortgage rates and success in the NFL? Of course not. However, it's fun to forecast the winner of Super Bowl LII based off certain housing market characteristics!