Get definitions on the mortgage terms that may come up throughout your loan process, as well as any specific mortgage terms that may be unfamiliar to you. CLS FInancial wants to ensure that you have a complete understanding of the transaction.
Our mortgage glossary will help you to speak to mortgage professionals with confidence.
There are currently 5 names in this directory beginning with the letter T.
As a part of PITI, the amount of the monthly mortgage payment which does not include the principal, interest, and insurance.
A formal document establishing ownership of property.
Joint Tenancy - equal ownership of property by two or more parties, each with the right of survivorship. Tenancy by the Entireties - ownership of property only between husband and wife in which neither can sell without the consent of the other and the property is owned by the survivor in the event of death of either party. Tenancy in Common - equal ownership of property by two or more parties without the right of survivorship. Tenancy in Severalty - ownership of property by one legal entity or a sole party. Tenancy at Will - a license to use or occupy a property at the will of the owner.
A written document conveying title to property repossessed by the government due to default on tax payments.
The amount of money that the homeowner is not required to pay the government in taxes because he or she owns a home.