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A document that gives evidence of an individual's ownership
A policy, usually issued by a title insurance company, which
insures a home buyer against errors in the title search. The cost
of the policy is usually a function of the value of the property,
and is often borne by the purchaser and/or seller. Policies are
also available to protect the lender's interests.
An examination of municipal records to determine the legal
ownership of property. Usually is performed by a title company.
Total Expense Ratio
Total obligations as a percentage of gross monthly income
including monthly housing expenses plus other monthly debts.
Truth in Lending
A federal law requiring disclosure of the Annual Percentage
Rate to home buyers shortly after they apply for the loan. Also
known as Regulation Z.
Two Step Mortgage
A mortgage in which the borrower receives a-below-market
interest rate for a specified number of years (most often seven
or 10), and then receives a new interest rate adjusted (within
certain limits) to market conditions at that time. the lender
sometimes has the option to call the loan due with 30 days notice
at the end of seven or 10 years. also called "Super Seven" or