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Mortgage-Glossary

Mortgage Glossary

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TermDefinition
Debt to Income Ratio- DTI The ratio, expressed as a percentage, that results when the borrower’s monthly payment obligation on debts is divided by monthly gross income.
Deed A legal document that transfers a property from one owner to another. The Deed contains a legal description of the property and is signed, witnessed and delivered to the borrower at closing
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.
Deferred Interest Interest added to the balance of a loan when monthly payments are not enough to sufficient to cover it. See Negative Amortization
Delinquency Failure to make mortgage payments on time.
Deposit This is 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 When the value of a property declines.
Discount In an ARM with an initial rate discount, the lender gives up a number of percentage points in interest to reduce the rate and lower the payments for part of the mortgage term (usually for one year or less). After the discount period, the ARM rate usually increases according to its index rate.
Discount Points- aka Points Money paid to the lender at closing in exchange for lower interest rates. Each point is equal to 1% of the loan amount.

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