Tax Deductibility
Whether loan interest or other costs may be deductible under tax law; borrowers should obtain current tax advice rather than assume deductibility.
HELOC EXPERT GLOSSARY
Glossary: T
Browse terms beginning with T and move through the full A–Z home-equity and mortgage glossary.
T
Terms Starting with T
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Temporary Rate Buydown
An arrangement reducing the borrower's payment rate for an initial period using funds contributed at or before closing.
Title
Legal ownership rights in real property and the records evidencing those rights.
Title Commitment
A preliminary title-insurance document describing proposed coverage, ownership, liens and exceptions.
Title Insurance
Insurance that protects against certain covered title defects or claims, subject to the policy terms.
Total Housing Expense
The sum of housing-related obligations used in some debt-to-income calculations.
Total Interest
The cumulative interest paid over a specified period or over the full life of a loan under stated assumptions.
Trailing Twelve Months (T-12)
A statement summarizing property operating income and expenses for the most recent twelve-month period.
Transaction Costs
Fees, charges, taxes and other expenses associated with completing a financing transaction.
Transaction History
A record of account draws, payments, fees and other activity over time.
Transfer Tax
A state or local tax that can apply when real property ownership is transferred.
Trust Vesting
Holding title to property in a trust, subject to lender, title and program requirements.