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Mortgage Glossary D


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Term Definition
Debt An amount owed to another.
Debt ratio The total of the proposed monthly payments divided by the total monthly income.
Debt security A security that represents a loan from an investor to an issuer.
Deductible In insurance, the amount of cash paid by the insured for damages. For instance, an insured may have a $2,000 claim with a $500 deductible. The insured pays $500 while the insurance company pays the remainder. The higher the deductible, the lower the cost of the insurance policy.
Deed The legal document conveying title to a property.
Deed-in-lieu A deed given by a mortgagor to the mortgagee to satisfy a debt and avoid foreclosure.
Deed of trust The document used in some states instead of a mortgage; title is conveyed to a trustee.
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.
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.
Depreciation A decline in the value of property; the opposite of appreciation.
Derivative A contract between two or more parties where the security depends on the price of another investment.
Disclosures The release of relevant information about a property that may influence the final sale, especially if it represents defects or problems. Sellers found to have knowingly withheld this information are subject to hefty penalties.
Discount point Paid to reduce the interest rate on a loan, and usually calculated to be equivalent to 1% of the total loan amount (up to one year).
Document recording After closing, public records must be made to discharge the prior mortgage holder and file the new deed.
Down payment The part of the purchase price of a property that the buyer pays in cash and does not finance with a mortgage.
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.
Duration The amount of time (years) it will take to make all payments on the loan.


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