MORTGAGE DICTIONARY

Fairway Asset Corporation - MORTGAGE DICTIONARY

Morgage Dictionary

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There are currently 7 names in this directory beginning with the letter T.
Taxes
paid by the homeowners to local governments and are usually charged as a percentage of the assessed property value. Tax amounts vary depending on where you live.

Tenancy in Common
When there are one or more persons in possession on property title but ownership may be declared in various percentages.

Term
The length of a loan.

Title
The document which shows ownership history, outstanding debts tied to the property and current ownership of the property.

Title Company
Handles all tasks associated with the property title, including insurance and search.

Title Insurance
Insurance that protects both the buyer as well as the lender against any previous owner who claims rights to the property.

Title Search
A search performed on a property title to determine if there are any existing or outstanding liens against the property prior to a sales transaction.
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