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tax impound: Also known as an escrow account, this is...tax lien: A claim against a property by the govern...tax sale: A public sale of property claimed by the...tax service fee: Lenders pay this fee to third parties to...term: The time period covering the entire life...third-party fees: The lender will pay a third-party fee fo...TILA (Truth in Lending Act): This federal law makes it a requirement ...title: A physical document that is legal proof ...title company: The insurance company that covers the pr...title company closing fee: Money paid to the title insurance compan...title insurance: This protects the lender against title d...title insurance premium: This covers the cost for title insurance...title search: Research conducted on local real estate ...trade lines: Each trade line on a credit report for a...Trans Union: This is one of the top three credit bure...transfer fax: The taxes paid when the title on a prope...underwriting: This is the process for determining how ...underwriting fee: Money used to cover the cost of a loan p...usury: Illegal interest charged in excess of th...VA loans (Veterans Affairs Loan): These are fixed-rate loans guaranteed by...variable rate: An interest rate that fluctuates accordi...VOD (Verification of Deposit): This is a signed document provided by th...VOE (Verification of Employment): A signed document provided by the borrow...VOM (Verification of Mortgage): A signed document used to verify the mor...VOR (Verification of Rent): A signed document used to verify the ren...waiver: A document provided by the borrower to v...walk-through: Done right before closing, this is a fin...wire transfer fee: Money paid to cover the transmittal of f...zoning ordinance: Also known as a zoning regulation, this ...
Refer to this glossary of mortgage terms defined at QChest.com anytime you have a question about your loan-in-process. Be sure to bookmark this page to help sift through the legal mumbo jumbo used in originating your loans.
