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Look-up a term: GLOSSARY:
  • Tankless water heaters By only heating water when it's needed, tankless water heaters can cut water-heating expenses by 30%. And according to Energystar.gov that can up too more than $100 per year on gas bills for the typical family.
  • Tax Credit This is a federal $8,000 tax credit that is ending December 1, 2009. To learn more, click here.
  • Terms The period of time and the interest rate agreed upon by the lender and the borrower to repay a loan.
  • Thermal Bypass Inspection This test was created as part of the updated ENERGY STAR® home certification standards. It is designed to check for missing or incorrectly installed insulation and to seal air gaps.
  • Third party inspections Taylor Morrison invites energy auditors to review our homes, ensuring we achieve our energy efficient goals.
  • Third Party Origination a process by which a lender uses another party to completely or partially originate, process, underwrite, close, fund, or package the mortgages it plans to deliver to the secondary mortgage market.
  • 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 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 Company a company that specializes in examining and insuring titles to real estate.
  • 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 insurance 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.
  • TMHF (Taylor Morrison Home Funding) Get pre-qualified and learn more about Taylor Morrison Home Funding and how they can assist you in the mortgage process. Click here.
  • Toilets with a UNAR map rating or watersense A UNAR rating is awarded to toilets with an effective flush volume that is less than or equal to 1.6 gallons per flush.
  • Transfer Agent a bank or trust company charged with keeping a record of a company's stockholders and canceling and issuing certificates as shares are bought and sold.
  • Transfer of Ownership any means by which ownership of a property changes hands. These include purchase of a property, assumption of mortgage debt, exchange of possession of a property via a land sales contract or any other land trust device.
  • Transfer Taxes State and local taxes charged for the transfer of real estate. Usually equal to a percentage of the sales price.
  • Treasury Index can be used as the basis for adjustable rate mortgages (ARMs) It is based on the results of auctions that the U.S. Treasury holds for its Treasury bills and securities.
  • Trustee a person who holds or controls property for the benefit of another.
  • 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.
  • Two Step Mortgage an adjustable-rate mortgage (ARM) that has one interest rate for the first five to seven years of its term and a different interest rate for the remainder of the term.