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Mortgage Loan Glossary

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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

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