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Title is a legal term for an owner’s interest in a piece of property. It may also refer to a formal document that serves as evidence of ownership or the history of ownership and documentation that affects the title during the period of ownership. Lenders perform title searches on a property for purchase transactions and
A legal procedure in which a mortgaged property is sold to pay the outstanding debt in case of default. The legal procedure starts with the borrower defaulting on the repayment terms of the home loan and the lender initiating a process in which they obtain court permission to take possession of the property and sell
The interest rate stated on the note. The interest rate agreed on the written instrument that acknowledges a debt and contains the terms of repayment.
The legal document that is used to transfer the title from one owner to another.
Federal law passed by Congress in 1969 that requires mortgage lenders to disclose certain terms regarding the extension of credit. The act obligates 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
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