Don't make any adverse changes to your financial
"picture" during this time between approval and closing.
Innocent mistakes range from applying for a new department store
credit card, to purchasing a refrigerator for the new house, to
buying a new car, to quitting a job to go full-time into a new
business.
When you supply us information to help verify your income,
employment, assets and credit history, we will obtain a credit
report directly from the credit bureau.
Glossary
T
Title: document that gives evidence of an
individual's ownership of property.
Title 1: an FHA-insured loan that allows a borrower to make non-luxury
improvements (like renovations or repairs) to their home; Title I
loans less than $7,500 don't require a property lien.
Title insurance: policy, usually issued by a Title Insurance company,
which insures a homebuyer against errors in the title search. The cost
of the policy is usually a function of the value of the property, and
is often borne by the purchaser and/or seller. Protects the lender
against any claims that arise from arguments about ownership of the
property; also available for home buyers.
Title search: a check of public records to be sure that the seller is
the recognized owner of the real estate and that there are no
unsettled liens or other claims against the property. Usually is
performed by a title company.
Two-step mortgage: mortgage in which the borrower receives a
below-market interest rate for a specified number of years (most often
seven or 10 years), and then receives a new interest rate adjusted
(within certain limits) to market conditions at that time. The lender
sometimes has the option to call the loan, due within 30 days notice
at the end of seven or 10 years. Also called "Super Seven"
or "Premier" mortgage.
Treasury index: a table of yields being paid on government debt, used
to determine interest-rate changes for adjustable-rate mortgages and
other variable rate loans.
Truth-in-Lending: a federal law obligating a lender to give full
written disclosure of all fees, terms, and conditions associated with
the loan initial period and then adjusts to another rate that lasts
for the term of the loan.
Equal
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