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Glossary of Mortgage Terms

Explore commonly used mortgage terms that are frequently used by AmeriSave Mortgage.
Timeshare

A timeshare is a vacation property that several people own and share. Each owner buys the right to use a resort unit for a set amount of time each year, and they all pay for it and have access to it.

Title Company

A title company is a business that searches property records, issues title insurance, and helps with the closing process when you buy or sell a home.

Title Insurance

Title insurance is a one-time policy that protects home buyers and mortgage lenders from financial loss due to undisclosed ownership claims, liens or other legal defects in a property’s title history.

Townhouse

A townhouse is a multilevel, single-family home that shares one or more walls with neighboring homes. It has its own private entrance, the owner owns the land beneath it, and it is a unique mix of space and affordability.

TRID

TRID stands for the TILA-RESPA Integrated Disclosure rule, a federal regulation that requires mortgage lenders to give borrowers standardized Loan Estimate and Closing Disclosure forms so they can compare costs and understand loan terms before signing.

Turnkey Property

A turnkey property is a home that's fully updated and move-in ready, so the buyer can start living there right away without doing any repairs or renovations.

Recent Articles

Are Closing Costs Negotiable in 2026? What You Can Push Back On (and What You Can't)

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The Short Answer on Negotiating Closing Costs Most borrowers sit down at the closing table assuming that whatever the lender, the title company, and the...

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Glossary of Mortgage Terms