Loan Glossary
Plain-English definitions for every term you'll encounter in the loan process
Showing 3 terms
starting with T
T
Title
GeneralLegal ownership of a property. When you receive a deed at closing, you receive title to the property. Lenders require title insurance to protect against any claims or defects in the title.
Title Insurance
MortgageInsurance protecting lenders (and optionally buyers) against losses from title defects, liens, or ownership disputes discovered after closing. Usually required by lenders.
Title Search
GeneralAn examination of public records to confirm the seller's legal right to sell the property and identify any outstanding liens, easements, or encumbrances on the title.