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- Debt-To-Income-Ratio (DTI):
Ratio of a borrower's monthly payment obligation on long-term debts divided
by gross monthly income.
- Deed:
The document by which title to real property is transferred from one party to
another.
- Deed in Lieu:
A deed from the lender to the borrower to prevent foreclosure and to satisfy the
unpaid balance of the mortgage.
- Deed of Trust:
Also referred to as Trust Deed. It is a legal instrument by which title to land
is transferred to a trustee as security for a debt or other obligation.
- Default:
The borrower's failure to make payments on a loan.
- Delinquency:
The borrower's failure to make payments on time.
- Deposit Receipt:
Used when accepting "Earnest Money" to bind an offer for property by
a prospective purchaser, also includes terms of a contract.
- Disclosure:
Information relevant to specific transactions that is required by law.
- Discount Point:
Amount paid to the lender by the borrower or seller to increase the lender's effective
yield. One point is equal to one percent of the loan.
- Down Payment:
The difference between the sales price of a property and the mortgage amount that
is paid by the borrower.
- Dry Funding:
Any advance of funds to a mortgage banker for funding or purchasing mortgage loans
where the collateral is in the possession of the agent and is free of liens or
bailment.
- Due-On-Sale Clause:
A provision in a mortgage that allows the lender to demand full payment of a mortgage
when the secured property changes ownership.
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Equal Housing Lender. Casa Blanca Mortgage, Inc., DBA Shearsons Mortgage. Some products may not be available in all states. ©2005 Shearsons Mortgage. All rights reserved.
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