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GLOSSARY
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.
Trade line
Trade line refers to an account shown on a credit report.
Trade lines
Each different credit account listed on your credit report. Trade lines can affect your credit score and help determine what you are eligible for.
Trade-in value
The amount of cash a car dealer will give you for your vehicle as a down payment in the purchase of a new car.
Trading account
Trading account is an account held by an investor with an investment dealer that's used to settle securities purchases and sales. Trading accounts can hold cash, foreign investments, and various other types of securities.
Trading down
Making a move from a high end home to a less expensive home.
Trading up
Making a move from a house into a more expensive home.
Traditional IRA
The original self motivated retirement plan. A person may contribute money into their IRA annually depending on how much they've earned. These contributions may be tax deductible depending on your income and if you are covered by a retirement plan at your place of employment.