DEBT
An amount owed to another. |
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DEBT RATIO
Monthly debt and housing payments divided by gross monthly income. |
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DEED
A legal document which affects the transfer of ownership of real estate from the seller to the buyer. |
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DEED OF TRUST
Document used in place of a mortgage to secure the payment of a note. |
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DEFAULT
Failure to make mortgage payments on a timely basis or to comply with other requirements of a mortgage. |
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DEFERRED INTEREST
A mortgage where the payment of interest is delayed or deferred until a later date. |
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DEFICIENCY JUDGMENT
A court order to pay the balance owed on a loan if the proceeds from the sale of the security are insufficient to pay off the loan. |
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DELINQUENCY
Failure to make required payments on time as agreed in the loan agreement. |
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DEPRECIATION
A decline in the value of a property. |
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DISCOUNT POINTS
Fees that are collected by the lender in exchange for a lower interest rate. |
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DISPOSABLE INCOME
Total amount of monthly income minus the monthly minimum obligations. |
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DOWN PAYMENT
The part of the purchase price of a property that the buyer pays in cash and does not finance with a mortgage. |
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