Mortgage Glossary
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deed
The legal document conveying title to a property.
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deed-in-lieu
A deed given by a mortgagor to the mortgagee to satisfy a debt and avoid foreclosure. Also called a voluntary conveyance.
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deed of trust
The document used in some states instead of a mortgage; title is conveyed to a trustee.
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default
Failure to make mortgage payments on a timely basis or to
comply with other requirements of a mortgage.
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delinquency
Failure to make mortgage payments when mortgage payments are due.
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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.
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depreciation
A decline in the value of property; the opposite of appreciation.
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discount points
See point.
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dower
The rights of a widow in the property of her husband at his death.
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down payment
The part of the purchase price of a property that the buyer pays in cash and does not finance with a mortgage.
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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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due-on-transfer provision
This terminology is usually used for second mortgages. See due-on-sale provision.
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Department of Veterans Affairs (VA)
An agency of the federal government that guarantees residential mortgages made to eligible veterans of the military services. The guarantee protects the lender against loss and thus encourages lenders to make mortgages to veterans. Department of Veterans Affairs
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