Glossary of Mortgage Terms

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tax deed

A written document conveying title to property repossessed by the government due to default on tax payments.

tax savings

The amount of money that the homeowner is not required to pay the government in taxes because he or she owns a home.

taxes

As a part of PITI, the amount of the monthly mortgage payment which does not include the principal, interest, and insurance.

tenancy

joint tenancy - equal ownership of property by two or more parties, each with the right of survivorship.

tenancy by the entireties - ownership of property only between husband and wife in which neither can sell without the consent of the other and the property is owned by the survivor in the event of death of either party.

tenancy in common - equal ownership of property by two or more parties without the right of survivorship.

tenancy in severalty - ownership of property by one legal entity or a sole party.

tenancy at will - a license to use or occupy a property at the will of the owner.

title

A formal document establishing ownership of property.

title insurance

A policy issued by a title insurance company insuring the purchaser against any errors in the title search. The cost of title insurance may be paid for by the buyer, the seller or both.

trust deed

See: deed of trust.

Truth In Lending Act

The Truth In Lending Act requires lenders to disclose the Annual Percentage Rate and other associated costs to homebuyers within three working days of the loan application.