|
|
 |
"We
give you credit for your good credit!"®
Deep Discounted Rates. Exceptional Service.
Unparalleled Value. |
|
|
 |
 |
 |
|
Mortgage
Glossary - Mortgage and Real Estate Terms Sorted Alphabetically:
|
|
D - debt consolidation, debt service, debt reduction plan, debt-to-income
ratio…more
DEBT CONSOLIDATION - paying off, with the proceeds from a refinance or
home equity loan , all or most of your higher-interest debts, such as
credit card balances. Clearly the most popular type of homeowner type loan in
decades - - saves hundreds of dollar monthly and may be completely tax
deductible. Today these loans are ranging typically in the $30,000 to $50,000
size. Monthly family budget relief in the $400 to $800 range or more are
common.
DEBT SERVICE - the combined principal and interest you pay on loans each month.
DEBT-REDUCTION PLAN - a strategy recommended for those borrowers wishing to use
the smart idea of a home equity loan for debt consolidation. Be careful not to
run up credit cards again, could cost you lost time. Be prudent, it's easy once
you're on top of it.
DEBT-TO-INCOME RATIO - the ratio, expressed as a percentage, which results when
a borrower's monthly payment obligation on long-term debts is divided by his or
her net effective income (FHA/VA loans) or gross monthly income (conventional
loans). If 35% or more of your gross monthly income is going out in bill
paying, you're a prime candidate for a bill consolidation.
DEED OF TRUST - a security instrument used in some states in lieu of a
mortgage.
DEED OF TRUST NOTE - the promissory note that is used with a Deed of Trust on a
mortgage loan transaction.
DEFAULT - failure to make payments as agreed to.
DELINQUENCY - failure of a borrower to make timely payments under a loan
agreement.
DEPOSIT/EARNEST MONEY DEPOSIT - a sum of money given to (1) bind a sale of real
property, or (2) assure payment or an advance of funds in the process of a
loan.
DEPRECIATION - a decline in value of a building or other real property
improvement, resulting from age, physical wear, and economic or functional
obsolescence. This figure is deducted annually from net income.
DISCLOSURE - information relevant to specific transactions that is required by
law.
DOCUMENTARY STAMP - a mark stamped onto a deed certifying the amount of
transfer tax paid. Referred to as tax stamps in certain areas.
DOWN PAYMENT - an amount paid in cash to the seller when a home is purchased.
The down payment is the difference between the purchase price and the mortgage
amount, and is traditionally 10 to 20 percent of the purchase price; although
many loans are now available with smaller down payments, and in some cases
(with decent/average credit scores) no down payment is needed. Visit our
100% mortgage financing and
home loan purchase sections for more information on buying a home with
no money down.
|
|
A
- adjustable rate mortgage, adjustment interval, amortization, annual
percentage rate (APR)…more
B – balloon mortgage, bankruptcy, basis point, beneficiary…more
C - caps, cash flow, cash out (second mortgage), cash out refinance…more
E - earned and unearned income, earnest money, easement, economic life…more
F - Fair Credit Reporting Act, fair market value, Fannie Mae…more
G - good faith estimate, grace period, gradual payment mortgage (GPM),
grantee…more
H - home equity, home improvement loan, Home Mortgage Disclosure Act
(HMDA)…more
I - index, in file credit report, inflation, initial interest rate, ingress and
egress…more
L - lender buy-down mortgage, liability insurance, LIBOR, loan application…more
M - manufactured home, market value, maximum loan amount, mechanic’s lien…more
N - negative amortized (Neg/AM), Neg AM Loans, negative cash flow, net
worth…more
O - obsolescence, off-site improvements, on-site improvements, ordinary
income…more
P – par, partial payment, partnership, party wall, payment shock…more
Q – quality control, quit claim deed, quote…more
R – rate shopper, real property, real estate loans, reconciliation…more
S – sales contract, satisfaction or mortgage, seasoned mortgage, second
mortgage…more
T – tax lien, tenancy in common, tenant, term, title, title insurance…more
U – underwriting, unencumbered property, uniform commercial code (UCC)…more
V – VA (Department of Veterans Affairs) Mortgage, vacancy rate, VA funding
fee…more
|
|  |
 |
|
 |
|
|