Fairway Asset Corporation - MORTGAGE DICTIONARY

Morgage Dictionary

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There are currently 9 names in this directory beginning with the letter D.
Debt-To-Income (DTI) Ratio
Ratio of monthly liabilities and housing expenses divided by the monthly gross income of the borrower

A legal document used to transfer rights to an asset or a real property from one person to another.

Deed in Lieu of Foreclosure
If you fall behind on your payments as a homeowner, you may enter into a deed in lieu of foreclosure. This relinquishes all homeownership rights to the mortgage lender. But in many cases, the lender will forgive the outstanding debt.

Deed of Trust
A legal document which can be referred to as a lien on the subject property in place of a mortgage to secure the payment of a note. Differs from a mortgage in that the bank can foreclose on the property without judicial proceedings.

Failure to meet legal obligations in a contract; inability for the borrower to make regular and consecutive payments on a loan.

To owe on an overdue debt. This may refer to an individual borrower or business with a contract specifying a payment schedule for a loan. Delinquency can impact a borrower's credit negatively and gets worse the longer the balance remains unpaid.

Department of Veterans Affairs (VA)
An independent agency of the federal government which guarantees long-term, low or no-down payment mortgages to eligible veterans.

The measure of loss in value of a home or property. This could be due to property damage or poor economic factors.

Down Payment
The amount of money paid to make up the difference between the purchase price and the mortgage amount.