Bankrate's financial glossary
Did you run across an unfamiliar term when applying for a mortgage, credit card
or auto loan? Find the meaning here, along with definitions of other financial words
and phrases, in Bankrate.com's financial glossary.
Taxable income is your gross income reduced by all your adjustments, deductions and exemptions. It is the final amount of income you use to calculate your tax bill.
A legal document proving a person's right to claim entitlement to a property, including the history of the property's ownership.
Written evidence of temporary title insurance coverage.
A company that specializes in examining and insuring titles to real estate.
Insurance that protects against loss from disputes over ownership of a property. A policy may protect the mortgage lender and/or the home buyer.
A check of the title records to ensure that the seller is the legal owner of the property and that there are no liens or other claims against the property.
State or local tax levied when title passes from one owner to another.
An index used to determine interest rate changes for certain adjustable rate mortgages (ARMs). It is based on the results of auctions that the U.S. Treasury holds for its Treasury bills and securities or is derived from the U.S. Treasury's daily yield curve, which is based on the closing market bid yields on actively traded Treasury securities in the over-the-counter market.
A federal law that requires lenders to disclose, in writing, the terms and conditions of a mortgage, including the annual percentage rate (APR) and other charges.