Mortgage Glossary

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The amount recoverable by a person who has been injured in any manner through the act or default of another.
An unsecured bond or note.
In a closing statement or settlement, an item that is charged to a buyer or seller. Compare with credit.
Debit Card  (EFT)
A plastic card which looks similar to a credit card, that consumers may use to make purchases, withdrawals, or other types of electronic fund transfers.
An amount owed to another.
Deed in Lieu
A deed given by a mortgagor to the mortgagee to satisfy a debt and avoid foreclosure.
Deed of Trust
This document, referred to as a mortgage in some states, pledges a property to a lender or trustee as security for the repayment of a debt.
Deed Stamp
A process that allows a borrower to transfer the ownership of a property to the lender in order to avoid loss of the property through foreclosure.
Failure to make mortgage payments on a timely basis or to comply with other requirements of a mortgage.
Failure to make mortgage payments when mortgage payments are due.
Delivery Fee
Department of Veterans Affairs  (VA)
An agency of the federal government that provides services and guarantees residential mortgages made to eligible veterans of the military services
A decline in the value of property; the opposite of appreciation.
A gift of real property by will or last testament.
To pay out on the loan.
Information that must be given to consumers about their financial dealings.
Discount Points
Discount Rate
The interest rate that the Federal Reserve charges member banks for loans, using government securities or eligible paper as collateral. This provides a floor on interest rates, since banks set their loan rates a notch above the discount rate.
Document Preparation
Documentary Stamp
The rights of a widow in the property of her husband upon his death.
Down Payment
The part of the purchase price of a property that the buyer pays in cash and does not finance with a mortgage.
Draw Period
Generally associated with home equity lines of credit, the draw period is the period of time that you can access funds from the line. After the draw period expires, a repayment period generally follows.
Due-on-sale Clause
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 loan.
Durable Goods Orders
Economic indicator that measures new orders placed with domestic manufacturers for immediate and future delivery of factory hard-goods. Monthly percent changes reflect the rate of change of such orders. Levels of, and changes in, Durable Goods Orders are widely followed as an indicator of factory sector momentum. Frequency: Monthly Source: Commerce Department