The Glossary Mortgage Terminology
Del Financial's Glossary consists of the more commonly used definitions, meanings, and descriptions used within the mortgage and real estate industry. As always, if you have any questions, please call us at (800) 469-5861.
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- Terms
- The period of time and the interest rate agreed upon by the lender and the borrower to repay a loan.
- Title
- a legal document establishing the right of ownership and is recorded to make it part of the public record. Also known as a Deed.
- Title Company
- a company that specializes in examining and insuring titles to real property.
- Title Defect
- an outstanding claim on a property that limits the ability to sell the property. Also referred to as a cloud on the title.
- Title Insurance
- nsurance that protects the lender against any claims that arise from arguments about ownership of the property; also available for homebuyers. An insurance policy guaranteeing the accuracy of a title search protecting against errors. Most lenders require the buyer to purchase title insurance protecting the lender against loss in the event of a title defect. This charge is included in the closing costs. A policy that protects the buyer from title defects is known as an owner's policy and requires an additional charge.
- 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.
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