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GLOSSARY
Time note
A time note is a contract related to a debt obligation that specifies the dates on which repayments are to be made.
Time share
When multiple people own a piece of property in which each owner has access to the property at intervals throughout the year.
TIPS
TIPS, or Treasury inflation-protected securities, are U.S. Treasury-issued bonds that automatically adjust the principal for inflation, as measured by the consumer price index. Since interest is paid on the principal amount, the yield benefits from these periodic inflation adjustments. TIPS pay interest every six months, and the principal is repaid at maturity.
Title
A lawful document showing proof of a person's right to ownership of a property.
Title 1
A loan which is taken out to help a home owner make basic repairs and improvements to their home.
Title company
The company which researches the property's title for liens. judgments, and obstacles which will impeded the sale, repairs and the title, supervises the closing, and ensures all money transactions are complete and accurate.
Title defect
When others make a legal claim to property and make demands on the owner.
Title insurance
Insurance that protects the lender's interests and the buyer's interests against loss resulting from dispute over title or ownership of a property.
Title search
Insurance that protects the lender's interests and the buyer's interests against loss resulting from dispute over title or ownership of a property
Total debt service ratio - TDS
Total debt service ratio, or TDS, is the percentage of an individual's income that must be used to make debt payments and mortgage payments, including insurance and taxes. This ratio is commonly evaluated when an individual applies for a mortgage loan. A lower TDS is better, as this means the borrower has more capacity to withstand unexpected circumstances.
Total expense ratio
A ratio comparing the total amount of income against the total number of debt payments.
Total housing expense
Total housing expense is the total of an individual's mortgage payments, inclusive of property taxes and homeowners insurance, plus any other required monthly debt repayments.
Townhouse
Typically, a series of homes which share a common wall but stand on individual lots. The owner holds the title to the land and the home.
TPA
TPA, or third-party administrator, is a company that's contracted to be a liaison between an insurance company and members of a group plan issued by that insurance company.
Trade equity
When a piece of property is used in a swap for a down payment on a property. For example, trading a car for a down payment on a house.