We research, you save.

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.
Back to Top

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

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

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

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.
Back to Top

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.
Back to Top

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.
Back to Top

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

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

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.
Back to Top

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.
Back to Top

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

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

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).
Back to Top

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.
Back to Top

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

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.
Back to Top

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
Back to Top

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.
Back to Top

More help from HSH.com