Title Insurance Premium

In order to determine that the property is properly owned and not subject to any unacceptable liens, we require a search of the local real estate records, and a title insurance policy insuring the lender that there are no defects in title. The Title Insurance Premium covers the cost of the search and the insurance. The cost of title insurance varies both by state and by county.

Title Search

Examination of local real estate records to ensure that the seller is the legal owner of a property and that there are no liens or other claims against the property.

Total Payments

This is the total amount you will have paid over the life of the loan for principal, interest and prepaid finance charges, assuming you keep the loan to maturity and made only the required monthly payments.

Trade Lines

Trade lines are your different credit accounts listed on your credit report.

Trans Union

One of the three largest credit bureaus in the United States.

Transfer Tax

Tax paid when title passes from one owner to another.

Truth-in-Lending Act

Federal law requiring written disclosure of the terms of a mortgage (including the APR and other charges) by a lender to a borrower after application. Also requires the right of rescission period.