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0-9 | MORTGAGE LOAN TERMS
MORTGAGE LOAN COLLECTION
D
- Debt Consolidation
- In terms of a mortgage loan, it is the use of available home equity to consolidate credit debt into one mortgage loan or a home equity line of credit.
RELATED MORTGAGE TERMS: Equity|Home Equity Line of Credit (HELOC)
MORTGAGE LOAN EXAMPLES: Debt Consolidation
- Debt to Income (DTI)
- Ratio of gross income to housing and non-housing expenses combined.
RELATED MORTGAGE TERMS: Gross Income
- Decision Engine
- In terms of a mortgage loan, it is a program used by many lenders to base their credit decisions.
- Deed
- Document bearing the title to a property that is filed with the county recorder.
- Deed in Lieu of Foreclosure
- Used to avoid foreclosure by giving a deed to a lender for them to repay the unsettled financial obligation.
RELATED MORTGAGE TERMS: Deed|Foreclosure
MORTGAGE LOAN EXAMPLES: Deed in Lieu of Foreclosure
- Deed of Trust
- Legal agreement used by a lender to initiate foreclosure proceedings upon a defaulting borrower.
RELATED MORTGAGE TERMS: Default|Foreclosure
MORTGAGE LOAN EXAMPLES: Deed of Trust
- Default
- In terms of a mortgage loan, it is the failure of fullfilling obligations of the loan agreement by not making monthly payments. May also occur after multiple consecutive deliquencies.
RELATED MORTGAGE TERMS: Delinquency
- Deferred Interest
- See Negative Amortization
- Delinquency
- In terms of a mortgage loan, it is the failure to make loan payments on time.
RELATED MORTGAGE TERMS: Default
- Demand Clause
- SIMILAR MORTGAGE TERMS: Acceleration Clause
- Department of Veterans Affairs (VA)
- Federal department that guarantees mortgage loans that are borrowed by qualified veterans.
RELATED MORTGAGE TERMS: VA Mortgage
- Deposit
- In terms of a real estate purchase it is the sum of money given to bind the sale. In terms of a mortgage loan it is an advance of funds to ensure the processing of a loan.
SIMILAR MORTGAGE TERMS: Earnest Money
- Depreciation
- In real estate terms, it is the decrease in value of a home or property over a given period of time.
- Direct Lender
- Lender that funds an approved loan prior to its actual funding by the approving lender. Benefit from working with a direct lender may include a sped up disbursement of funds. The downside to direct lending may include higher closing costs to cover expenses of processing the mortgage loan.
RELATED MORTGAGE TERMS: Lender
MORTGAGE LOAN EXAMPLES: Direct Lender and Banks Compared
- Disbursement of Funds
- Distribution of money from a mortgage loan to its delegated recipients.
SIMILAR MORTGAGE TERMS: Funding
- Disclosures
- In terms of a mortgage loan, they are documents that require consent from all borrowers applying for a loan to have the lender be in compliance with state and federal regulations.
SIMILAR MORTGAGE TERMS: Stips|Borrower|Lender
MORTGAGE LOAN EXAMPLES: Disclosures
- Discount
- To deduct from and make a cost or price lower.
- Discount Mortgage Broker
- See Mortgage Broker
- Discount Points
- Amount paid to the lender through a mortgage loan's closing costs to decrease the interest rate.
RELATED MORTGAGE TERMS: Points
MORTGAGE LOAN EXAMPLES: Discount Points
- Discretionary ARM
- Adjustable rate mortgage loan offered outside of the United States in which the lender has the right to adjust the loan's interest rate at any time with given advance notice.
RELATED MORTGAGE TERMS: Adjustable Rate Mortgage (ARM)
- Document Checklist
- See Stips
- Documentation Requirements
- In terms of a mortgage loan, it is a set of guidelines for accepting documented proof of a prospective borrower's income and assets.
RELATED MORTGAGE TERMS: Stips
- Document Signing
- In terms of a mortgage loan or real estate purchase, it is a meeting where the loan agreement is signed and notarized.
RELATED MORTGAGE TERMS: Closing
- Down Payment
- In terms of a real estate purchase, it is the sum of money not paid through a mortgage loan.
RELATED MORTGAGE TERMS: Mortgage Loan
- Dual Application
- Act of submitting dual mortgage loan applications to different lenders by an individual.
- Dual Index Mortgage
- Mortgage loan where the interest rate is changed based on an interest rate index, and the monthly payment is adjusted based on a wage and salary index.
RELATED MORTGAGE TERMS: Adjustable Rate Mortgage (ARM)
- Due on Sale Clause
- Provision of a mortgage loan that stipulates repayment of the original loan balance upon the sale of the property. This is a type of mortgage loan that is not assumable.
RELATED MORTGAGE TERMS: Assumable Mortgage
MORTGAGE LOAN COLLECTION
MORTGAGE LOAN TERMS | 0-9
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MORTGAGE LOAN COLLECTION
