Bridge Finance & Consulting
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| Taxes and Insurance Funds collected as part of the borrower's monthly payment and held in escrow for the payment of the borrower's state and local property taxes and insurance premiums. |
| Termite Inspection An inspection to determine whether a property has termite infestation or termite damage. In many parts of the country, a home must be inspected for termites before it can be sold. |
| Third-Party Origination A process by which a lender uses another party to completely or partially originate, process, underwrite, close, fund, or package a mortgage loan. See also "Mortgage Broker" |
| Title A legal document evidencing a person's right to or ownership of a property. |
| Title Insurance Insurance that protects the lender (lender's policy) or the buyer (owner's policy) against losses arising from defects in the title not listed in the title report or abstract. |
| Title Search A check of the public records to ensure that the seller is the legal owner of the property and to identify any liens or claims against the property. |
| Trade Equity Real Estate or assets given to the seller as part of the down payment for the property. |
| Transfer Tax State or local tax payable when title to property passes from one owner to another. |
| Treasury Index An index that is used to determine interest rate changes for certain adjustable-rate mortgage (ARM) plans. It is based on the results of auctions by the U.S. Treasury of Treasury bills and securities. |
| Truth-in-Lending A federal law intended to promote the informed use of consumer credit by requiring disclosure about its terms and costs. Creditors are required to disclose the cost of credit as a dollar amount (the finance charge) and as an annual percentage rate (APR). |
| Two- to Four- Family Property A residential property that provides living space (dwelling units) for two to four families, although ownership of the structure is evidenced by a single deed; a loan secured by such a property is considered to be a single-family mortgage. |
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8517 Olive Blvd., St. Louis, MO 63132
Phone: (314)606-0924 Fax: (314)628-0520
