|
Subsidized second mortgage:
An alternative financing option for low- and
moderate- income
households that also includes a down payment and a first mortgage, with funds for the
second mortgage provided by city, county, or state housing agencies, foundations, or
nonprofit corporations. Payment on the second mortgage is often deferred, carries no or
low interest rates, and part of the debt may be forgiven for each year the family remains
in the home.
Survey:
A drawing showing the legal boundaries of a property, it's
fixtures, and any easements or
encroachments.
Tenancy by entirety:
A type of joint ownership of a
property available only to a husband and wife.
Tenancy in common:
A type of joint ownership in a property without right of
survivorship.
Title:
A legal document establishing the right of ownership.
Title company:
A company that specializes in title searches and insuring
title to property.
Title insurance:
Insurance to protect the lender (lender's policy) or the
buyer (buyer's policy) against loss arising from disputes over ownership of a property.
Title search:
A check of the title records to ensure that the seller is
the legal owner of the property and that there are no liens or other claims outstanding.
Transfer tax:
State or local tax payable when title passes from one owner
to another.
Truth-In-Lending:
A federal law that requires lenders to full disclose,
in writing, the terms and
conditions of a mortgage, including the APR and other charges.
Underwriting:
The process of evaluating a loan
application to determine the risk involved for the lender.
|
Affiliate