The Center For Debt Management
[an error occurred while processing this directive]
[an error occurred while processing this directive] [an error occurred while processing this directive] [an error occurred while processing this directive] [an error occurred while processing this directive] [an error occurred while processing this directive]  

Glossary of
FinanciaI & Real Estate Terms

Index of Terms | Complete List of Terms

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


Takeout Mortgage : A permanent mortgage, obtained by pre-arrangement between a builder and a financial institution, to repay the interim mortgagee at the completion of construction.

Tax Impound : Money paid to a lender in relation to annual tax expenditures.

Tax Lien : When a borrower fails to pay taxes at regular intervals the lender may claim a property of the borrower to make up the tax amount.

Third Party Fees : When a lender hires a third party and avails their services he pays a particular amount of money as fees to them.

Third-Party Origination : A process by which a lender uses another party to completely or partially originate, process, underwrite, close, fund, or package the mortgages it plans to deliver to the secondary mortgage market.

Title : A legal document showing a person's right to or ownership of a property.

Title Company : A company that specializes in examining and insuring titles to real estate.

Title Insurance : Title Insurance policies typically insure a homebuyer against any title-search errors or mistakes, and against loss due to disputes over property ownership. Title Insurance can additionally offer protection to the lender under similar circumstances. The cost of title insurance is usually a set value per thousand of dollars of the total loan amount.

Title Search : A check of the title records to make sure that the seller is the actual legal owner of the property, and that there are no liens or other claims outstanding.

Token Payment : When you are unable to make repayments to your creditors, it may be necessary to make small "token payments" to each creditor. This may be as little as $1.00 each per month, but it is better to send this "token payment" than send nothing at all.

Total Debt-Assets : The ratio of long-term and current liabilities (debt that will be paid off within one year) to total assets.

Total Debt Ratio : Monthly debt and housing payments divided by gross monthly income. Also known as Back-End Ratio.

Total Payments : The entire amount a borrower pays during the life span of a loan which includes principal amount, interest rates, taxes and other financial charges.

Trade Debt : Accounts payable.

Trade Lines : The various credit accounts that reflect on your credit report are known as Trade lines.

Trans Union : It is amongst the three largest and most popular credit bureaus in the United States.

Transfer of Ownership : The means by which the ownership of a property changes hands. Examples of such include the purchase of a property "subject to" the mortgage, the assumption of the mortgage debt by the property purchases, and any exchange of possession of the property under a land sales contract or any other land trust device.

Transfer Tax : State or local tax payable when the title passes from one owner to another.

Trustee : A court appointed official who acts as a liaison officer between the debtor and the creditor. His primary function is to act as a disbursement officer. He collects payments from the debtor and distributes the money amongst creditors. In some cases he may even help in valuing assets or creating repayment schedules.

Truth-in-Lending Act : This is a Federal law which consists of a written document with all the terms and conditions related to a particular mortgage transaction. This documentation includes mandatory disclosure of APR, hidden fees and other relevant charges.

Truth-in-Lending Law : Provision in the Truth-in-Lending Act that requires lenders to reveal the actual costs of borrowing.

Two-Step Mortgage : A loan where the interest rate is fixed for the first seven years and then is adjusted one time for the balance of the loan period.


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

Index of Terms | Complete List of Terms


Get Out of Debt! — Call Right Now — 1800 DEBT.COM


  [an error occurred while processing this directive] [an error occurred while processing this directive] [an error occurred while processing this directive] [an error occurred while processing this directive] [an error occurred while processing this directive]
[an error occurred while processing this directive]
[an error occurred while processing this directive]