Secondary Mortgage Market: The buying and selling of first mortgages or trust deeds by banks, insurance companies, government agencies, and other mortgagees. This enables lenders to keep an adequate supply of money for new loans. The mortgages may be sold at full value ("par") or above, but are usually sold at a discount. The secondary mortgage market should not be confused with a "second mortgage."

Spread: Number of basis points over a base rate index.

Standby Commitment: A formal offer by a lender making explicit the terms under which it agrees to lend money to a borrower over a certain period of time.

Structural Report: (see Engineering Report)

Tax & Insurance Impound: Monthly deposits that a lender may require to be included with principal and interest payments for the payment of taxes and insurance.

Tenant Improvements (TI): The expense to physically improve the property to attract new tenants to new or vacated space which may include new improvements or remodeling. May be paid by tenant, landlord, or both. Typically, tenants are provided with a market rate TI allowance ($/sq. ft.) that the owner will contribute towards improvements. The tenant must pay for amounts above the TI allowance desired by the tenant.

Term: The length of a mortgage.

Title: The actual legal document conferring ownership of a piece of real estate.

Title Insurance: An insurance policy which insures you against errors in the title search - essentially guaranteeing your, and your lender's, financial interest in the property.

Triple - Net Lease: A lease that requires the tenant to pay for property taxes, insurance and maintenance in addition to the rent (also referred to as " Net Net Net Lease").

Underwriting: The process of deciding whether to make a loan based on credit, employment, assets and / or other factors.

Uniform Residential Loan Application (1003): This application, also called a URL - 1003 is the standard loan application used by all lenders.

Underwriter: The underwriter is the lender or company who actually provides the money for you loan. A mortgage broker "brokers" and represents several different underwriters and depending on your situation they choose the "best" underwriter for you and your lender.

Upfront Fees: Generally refer to fees charges to pay for third party costs like appraisals.

A (Veterans Administration) Loan: A type of government loan administered by the Veterans Administration. Eligibility for VA loan is restricted and limited to qualifying veterans, and to certain home types. You need to check with the VA to determine if you qualify. The maximum VA Loan is $184,000. 

Workouts: Attempts to resolve a problematic situation, such as a bad loan.