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Glossary
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News and Resources
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- 08/18/2010
-Mortgage Network Expands Across Mid-Atlantic Region Read More- 07/22/2010
-John Holian Joins Northeast Association of Retarded Citizens Board for Second Term Read More- 07/22/2010
-Mortgage Network Hosts Charity Golf Tournament & Casino Night to Benefit Friends Of Ari Shumbres Read More- 07/01/2010
-Mortgage Rates Again Hit New Low Read More- 07/01/2010
-Mortgage Loan Rates Fall to New Low Read More - 08/18/2010
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Glossary
We’ve put together an extensive glossary of terms used in the mortgage lending business. If you’re not sure what a particular term means, click to find the definition in our glossary.
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
D
- 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 borrower to the lender to satisfy a debt and avoid foreclosure. Also called a "voluntary conveyance."
- Deed of Trust
- The document used in some states instead of a mortgage; title is vested in a trustee to secure repayment of the loan.
- Default
- Failure to make loan payments on a timely basis or to comply with other requirements of a mortgage.
- Delinquency
- Failure to make mortgage payments when 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. See earnest money deposit.
- Depreciation
- A decline in the value of property because of physical or economic changes such as wear and tear; the opposite of appreciation.
- Discount Points
- Amounts paid to the lender at origination to lower the rate on the face of the note. See point.
- Down Payment
- The part of the purchase price of a property that the buyer pays in cash and does not finance with a home loan.
- Draw Period
- The time period in which the borrower may access and use a line of credit.
- Due-On-Sale Provision
- A provision in a mortgage home loan that allows the lender to demand repayment in full if the borrower sells the property that serves as security for the loan.
- Due-On-Transfer Provision
- This terminology is usually used for second mortgages. See due-on-sale provision.