Glossary of Mortgage Terms

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.

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 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.

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 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.

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.