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By FrontDoor.com | Published: 11/01/2007
Term -- The lifespan of the contract to repay a loan.
Title -- A document that gives evidence of an individual's ownership of property.
Title insurance -- Insurance, usually issued by a title insurance company, which insures a homebuyer against errors in the title search. The cost of the policy is usually a percentage of the property value.
Title search -- The examination of municipal records by a title company to determine the legal ownership of property.
Truth-in-lending -- A federal law requiring disclosure of the APR to homebuyers shortly after they apply for the loan.
Two-step mortgage, premier mortgage -- A mortgage in which the borrower receives a below-market interest rate for a specified number of years (seven to 10) and then receives a new interest rate adjusted (within limits) to market conditions at that time.
