Mortgage Dictionary

Debt

An amount owed to another.

Deed

The legal document conveying title to a property.

Deed Of Trust

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

Deed-In-Lieu

A deed given by a mortgagor to the mortgagee to satisfy a debt and avoid foreclosure.

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.

Documented Income

Learn how documented income can impact your mortgage loan approval, loan amount, and interest rates. Secure your dream home with proper income verification.

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.