Tax Lien - Claim against a property for unpaid taxes.

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 - Document that gives evidence of ownership of a property. Also indicates the rights of ownership and possession of the property. Individuals who will have legal ownership in the property are considered "on title" and will sign the mortgage and other documentation. A title may be obtained through a purchase, personal inheritance, or through the foreclosure of a mortgage.

Title Company - A company that insures title to property.

Title Company Closing Fee - This fee is paid to the title insurance company that conducts your closing and handles the transfer of funds among the parties.

Title Insurance - Title insurance protects a lender against any title dispute that may arise over a particular property. It is required to close on your home. You may also purchase owner's title insurance which protects you as the homeowners. Varies - generally between $175 - $875

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 Payment - 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.

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.