Home Mortgage Glossary

T

Two-step mortgage

A two-step mortgage is a unique type of home loan that combines the benefits of fixed and adjustable-rate mortgages.

Temporary Mortgage Buydown

A temporary mortgage buydown is a financing option that allows homebuyers to lower their mortgage interest rate for a limited period.

Treasury index

The Treasury index refers to a collection of financial indices that track the performance of U.S.

Term

In the context of mortgages, the term refers to the length of time over which the borrower agrees to repay the loan.

Third-party Origination

Third-party origination (TPO) is a crucial component of the mortgage industry, allowing lenders to expand their reach and streamline the loan process.

Title Insurance

Title insurance is a crucial component of real estate transactions, providing protection against potential defects in a property’s title.

Truth in Lending Act (TILA)

The Truth in Lending Act (TILA) is a pivotal piece of legislation designed to protect consumers in the realm of credit and lending.

Transaction Fee

Transaction fees are costs incurred during the processing of payments between buyers and sellers.

Total Expense Ratio

The Total Expense Ratio (TER) is a crucial metric for investors to understand when evaluating mutual funds and exchange-traded funds (ETFs).