Teaser Rate - A low initial interest rate on a mortgage.
Title Report - A document indicating the current state of title. The report includes information on the current ownership, outstanding deeds of trust or mortgages, liens, easements, covenants, restrictions, and any defects.
Title Search - An examination of the public records to determine the ownership and encumbrances affecting the property.
Two-Step Mortgage - A mortgage in which the borrower receives a fixed rate for a specified number of years (most often 5 or 7), and then receives a new interest rate based on the terms in the note.


