T

Tax Lien

Lien imposed for non-payment of taxes.

 

Title Search

An examination of city, town, or county records to determine the legal ownership of real estate.

 

Total Debt Ratio

See Back-End Ratio

 

Truth-In-Lending

A federal law that requires lenders to disclose, in writing, the complete terms and conditions of a mortgage.

U

Underwriter

The person or company that actually decides whether or not to release funds for a mortgage. Underwriters make a final analysis of a borrower's credit worthiness, and may request additional information before issuing the loan.

 

Up Front Mortgage Insurance (UFMIP)

Private Mortgage Insurance that is paid in a lump sum at the inception of a mortgage either by financing into the total mortgage amount or paid in cash. UFMIP is used either to lower monthly mortgage insurance amounts or to eliminate monthly mortgage insurance altogether. UFMIP is required on FHA loans and is an option on some conventional loans.

V

VA Mortgage

A loan guaranteed by the Department of Veterans Affairs. These mortgage have low or no down payment, less stringent requirements for qualification, and are only available to active members of the armed forces, veterans, and their spouses.

W

There are no Glossary Terms for W at this time.

X

There are no Glossary Terms for X at this time.

Y

There are no Glossary Terms for Y at this time.

Z

There are no Glossary Terms for Z at this time.