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GLOSSARY
Taxpayer Identification Number
Your social security number as an individual or your employee identification number (EIN) for your business.
Tear down condition
A house that is purchased so that is can be leveled to make a space for a brand new home.
Tear sheets
Tear sheets are the summaries of public companies that are published by Standard & Poor's (S&P). An S&P summary includes an overview of the company's operations and key performance metrics. In advertising, tear sheets are pages removed from a publication and sent to an advertiser as proof that the advertisement was run.
Teaser rate
Usually seen on the mass mailings for credit card offers with a fantastic introductory rate used to lure consumers to switch credit cards. This rate is temporary and below market.
TED spread
TED spread is a metric that's tracked as an indicator of market credit risk. It's calculated as the difference in pricing between a three-month U.S. Treasury bill, and three-month LIBOR. A widening of the TED spread indicates a greater risk of default among borrowers.
Temporary lender
A temporary lender is a financial institution that makes mortgage loans and then sells them on the secondary market immediately after close. Temporary lenders don't keep a portfolio of loans; they earn money through fees charged to the borrower, and by selling the loans at a premium.
Ten-year Treasury Constant Maturity
Ten-year Constant Maturity Treasury is an index that's periodically published by the U.S. Treasury. The index value is calculated by adjusting the yields of recently auctioned U.S. Treasury bills and notes of varying maturities to the equivalent of a ten-year yield.
Tenancy by Entirety
An agreement in some states where the husband and wife are considered one person and upon death, the other automatically assumes ownership.
Tenancy by the entirety
Tenancy by the entirety is a property ownership arrangement used in some states by married couples. If the couple owns a home as tenants by the entirety, neither one of them can dispose of their ownership interest, and when one co-owner passes, ownership automatically transfers to the surviving co-owner.
Tenancy in common
Tenancy in common is a co-ownership arrangement that gives each owner the right to have his ownership interest transferred, upon his death, to a beneficiary. While living, both owners have an equal right to use the property.
Tenancy in Partnership
When a property is in the name of a partnership as opposed to individual names.
Tenants by entirety - TBE
Tenancy by the entirety is a property ownership arrangement used in some states by married couples. If the couple owns a home as tenants by the entirety, neither one of them can dispose of their ownership interest, and when one co-owner passes, ownership automatically transfers to the surviving co-owner.
Tenement
Tenement is a synonym for apartment, but the term often is usually associated with low-income housing in an urban area.
Term
The scheduled length of time for paying off a loan.
Term certain annuity
Term certain annuity is a financial planning product that pays the holder (called the annuitant) a fixed periodic payment for a set time frame. Since there is no opportunity to extend the payments past the specified time frame, purchasers of term certain annuities should consult with a financial planner to determine if this is the most appropriate product available.