Tax rate
The percentage of your income that you owe in income taxes.

Tax savings
The amount you may save in taxes by itemizing deductions on income tax returns. Mortgage interest and property taxes are two expenses that you may realize tax savings on, since you may be able to deduct these expenses from your income. Always check with your tax advisor for advice on tax deductibility.

Term
The number of years it will take to pay off a loan.

Third-party fees
Fees charged for services rendered by parties other than the borrower or the lender. Such fees may include appraisal, credit report, title and flood certifications.

Title
Written evidence of ownership in property.

Title insurance
Insurance that protects an interested party, either the owner or the lender, against defects that would affect legal ownership of the property.

Title search
An examination of records used to determine the legal ownership of property and all liens and encumbrances on it. Usually performed by a title company or attorney.

Titleholder
The legal owner of real property, including a home or automobile.

Total cash required to close
The total of all closing costs, points, prepaid expenses, down payment and any other fees or adjustments due at closing.

Total housing expense
The total of all of your combined expenses due to the ownership of property, including: principal, interest, property taxes, homeowners' insurance, mortgage insurance, homeowners' association dues and any special assessments.

Townhome
A type of residence that shares common walls with other dwellings.

Transaction fee
The fee that may be charged each time you draw on your credit line.

Truth-in-Lending Act
A federal law requiring disclosure of credit terms using a standard format. This is intended to facilitate comparisons between the lending terms of different financial institutions.