Glossary

Debt Ratio: The total of the proposed monthly payments divided by the total monthly income.

Deed: A document that transfers real estate from one party to another. Officially recorded in government records.

Debt An amount owed to another.

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.

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.

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