Glossary Of Mortgage Terms  


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Debt - An amount owed to another. See installment loan and revolving liability.

Deed - The legal document conveying title to a property.

Deed-in-lieu - A deed given by a mortgagor to the mortgagee to satisfy a debt and avoid foreclosure.

Deed of Trust - The document used in some states instead of a mortgage; title is conveyed to a trustee.

Default - Failure to make mortgage payments on a timely basis or to comply with other requirements of a mortgage.

Delinquency - Failure to make mortgage payments when mortgage payments are due.

Deposit - A sum of money given to bind the sale of real estate, or a sum of money given to ensure payment or an advance of funds in the processing of a loan.

Depreciation - A decline in the value of property; the opposite of appreciation.

Discount Points - See point.

Dower - The rights of a widow in the property of her husband at his death.

Down Payment -The part of the purchase price of a property that the buyer pays in cash and does not finance with a mortgage.

Due-on-sale Provision - A provision in a mortgage that allows the lender to demand repayment in full if the borrower sells the property that serves as security for the mortgage.

Due-on-transfer Provision - This terminology is usually used for second mortgages. See due-on-sale provision.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z