Mortgage Glossary, Loan
Terms and Economic Terms for Interest Only Loans
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Mortgage Glossary - T Terms
Title 1: an FHA-insured loan
that allows a borrower to make non-luxury improvements (like renovations
or repairs) to their home; Title I loans less than $7,500 don't
require a property lien.
Title insurance: insurance
that protects the lender against any claims that arise from arguments
about ownership of the property; also available for homebuyers.
Title search: a check
of public records to be sure that the seller is the recognized owner
of the real estate and that there are no unsettled liens or other
claims against the property.
Truth-in-Lending: a
federal law obligating a lender to give fuII written disclosure
of aII fees, terms, and conditions associated with the loan initial
period and then adjusts to another rate that lasts for the term
of the loan.
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