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Debt. Money owed to repay someone. Debt-to-income ratio. The ratio between the borrower’s monthly payment obligations divided by his or her net effective income (FHA or VA loans) or gross monthly income (conventional loans). Deed to trust. The document used in some states instead of a mortgage. Title is conveyed to a trustee rather than to the borrower. Deed. The legal document conveying title (ownership) of a property. Default. Failure to make mortgage payment son a timely basis or to comply with other conditions of a mortgage. Delinquency. A loan in which a payment is overdue but not yet in default. Deposit. Cash paid to the seller when a formal sales contract is signed. Depreciation. A decline in the value of property, the opposite of appreciation. Discount points. A percentage of the loan amount paid to the lender to buy down the interest rate. Each point is one percent of the loan amount; for example, two points on a $100,000 mortgage is $2,000. Down payment. The part of the purchase price which the buyer pays in cash and does not finance with a mortgage. Due-on-sale clause. A provision in a mortgage allowing the lender to demand repayment in full if the borrower sells the property securing the mortgage. Duplex. A dwelling divided into two units. |
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