-T- Mortgage Terms Glossary

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Mortgage Terms Glossary

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Tax Lien: lien imposed for non-payment of taxes.
Time is of the Essence: legal phrase in a contract meaning that punctual performance is required in meeting obligations.
Title: a legal document designating ownership of a property.
Title Binder: written evidence of temporary title insurance coverage.
Title Insurance: an insurance policy that protects the insured (purchaser and/or lender) against loss arising from disputes over ownership.
Treasury Index: see index.
Truth-in-Lending: a federal law that requires lenders to disclose, in writing, the complete terms and conditions of a mortgage.