Home Equity Line of Credit Costs
# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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- Tenants-in-common
- An undivided interest in property taken by two or more persons. The interest need not be equal. Upon death of one or more persons, there is no right of survivorship.
- Term
- The period of time which covers the life of the loan. For example, a 30 year fixed loan has a term of 30 years.
- Title
- The evidence one has of right to possession of land.
- Title insurance
- Insurance against loss resulting from defects of title to a specifically described parcel of real property.
- Title search
- An investigation into the history of ownership of a property to check for liens, unpaid claims, restrictions or problems, to prove that the seller can transfer free and clear ownership.
- Total debt ratio
- Monthly debt and housing payments divided by gross monthly income. Also known as Obligations-to-Income Ratio or Back-End Ratio.
- Truth-in-Lending Act
- A federal law requiring a disclosure of credit terms using a standard format. This is intended to facilitate comparisons between the lending terms of different financial institutions.
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