Mortgage Glossary
- Damages
- The amount recoverable by a person who has been injured in any manner through the act or default of another.
- Debenture
- An unsecured bond or note.
- Debit
- 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.
- Debt
- An amount owed to another.
- Deed
- 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
- Deed-in-lieu
- 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.
- 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.
- 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
- Deposit
- Depreciation
- A decline in the value of property; the opposite of appreciation.
- Devise
- A gift of real property by will or last testament.
- Disburse
- To pay out on the loan.
- Disclosures
- 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
- Dower
- 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
