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Houston Mortgage > Glossary >
Real Estate > T 1-10
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Term
The period of time during which loan payments are made. At the end of the loan term, the loan must be paid in full.
Transfer Tax or Charge
This is a government tax or charge that is usually based on a percentage of the property value or loan amount and imposed by state or local law. Many states do not require this charge for a refinance loan, but almost all require it for a home purchase. A transfer tax will be shown on the Settlement Statement (HUD-1).
Truth in Lending Act (TILA)
This is a federal law designed to protect borrowers and to give them enough information to comparison shop for loans. TILA requires certain disclosures about the loan and when they must be given to the borrower. TILA also provides additional protections and prohibitions.
Truth in Lending Disclosure Statement
This is a very important document that federal law requires for all consumer loans.] It provides key information to enable borrowers to shop around and compare loan terms from various lenders.
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