| Term |
| |
A
period of time (usually months) that a loan must be repaid.
|
|
| Title |
| |
The
evidence of ownership and rights an individual has to a
specific property/real estate.
|
|
| Title
Insurance |
| |
Insurance
obtained from a title insurance company that insures the
purchaser, lender (mortgagee), or other agent from any loss
caused by defects of title on the subject property/real
estate.
|
|
| Total
of Payments |
| |
The
Total of Payments represents the sum of all payments made
toward principal, interest and mortgage insurance (if
applicable) for the life of the loan.
|
|
| Total
Fixed Monthly Debt |
| |
The
total monthly sum of all monthly loan payments for all
borrowers. This total should only include the minimum
required payment and not the actual payment made (if excess
payment is made).
|
|
| Transfer
Tax |
| |
State
or local tax on the transfer of title (ownership) when the
title passes from one owner to another.
|
|
| Type
of Property |
| |
A
description of the structure of the property determining
whether it is uses as a Single (one) Family Home, Multi
Family Home (2-4), Condominium, Town Home, Manufactured or
Mobile Home and Cooperative Housing. |
