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Mortgage Glossary

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

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 do not require a property lien.
Title Insurance:
Insurance that protects the lender against any claims that arise from arguments about ownership of the property.  This is also available to 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 full written disclosure of all fees, terms, and conditions associated with the loan initial period and any adjustments to another rate that lasts for the term of the loan.