Taxes and Insurance: These are funds that are collected for part of the borrowers monthly payments, it is held in an escrow for when it is required for the payment. It can also be the funds that are paid by the borrower for both state and local property tax and insurance premiums.
Termite Inspection: This is a process where an inspection takes place to determine whether a property is free of a termite infestation or damage. Some parts of countries require that a check is taken place to ensure there is no infestation before a property is sold.
Third-Party Origination: When a lender uses some other party to carry out an action on a mortgage loan, for example it could close or fund the loan in question.
Title: This is the right to and the ownership of the specified property. A title or a deed is often used as a form of proof of ownership for land.
Title Insurance: This is a form of insurance that protects the lenders and homeowners against any legal issues that they could encounter with the title.
Title Search: This is a check that takes place on public records, that makes sure that the seller of the property is the legal owner and to find out if there are any claims or liens attached to the property.
Trade Equity: This is either the real estate or any assets that are given to the seller as part of the down payment for the specified property.
Transfer Tax: When a title of a property is passed from one owner to another then this is the payable state or local tax.
Treasury Index: This is an index that is used to determine any changes in interest rates for certain ARM plans.
Truth-In-Lending Act (TILA): Its a law that is federal, stating the requirement of the truth-in-lending disclosure statement for a buyer's credit. It contains the summary created by the total amounts of any credit, which can include the (APR) annual percentage rate.
2 to 4 Family Property:It is property that is always residential and that is capable of providing living space to between two and four different families. However, the property only has one deed and when applying for a loan for this type of real estate it is still seen as a single property