Date of AppraisalThe specific point in time as of which an appraiser designates the value of a home. Often stipulated as the date of inspection.
DebtAn obligation to repay some amount owed. This may or may not be monetary.
Debt Equity RatioThe ratio of the amount a mortgagor still owes on a property to the amount of equity they have in the home. Equity is calculated at the fair-market value of the home, less any outstanding mortgage debt.
Debt-to-Income RatioThe percentage of gross monthly income that goes toward paying for your monthly housing expense, installment debts, alimony, child support, car payments, and payments on revolving or open-ended accounts such as credit cards.
DeedA document indicating the ownership of a property.
Deed of ReconveyanceA document which transfers ownership of a property from a Trustee back to a borrower who has fulfilled the obligations of a mortgage.
Deed of ReleaseA document which dismisses a lien or other claim on a property.
Deed of SurrenderA document used to surrender any claim a person has to a property.
Deed of TrustA document which transfers title in a property to a trustee, whose obligations and powers are stipulated. Often used in mortgage transactions.
Deed-In-Lieu (of Foreclosure)A document given by a borrower to a lender, transferring title of the property. Often used to avoid credit-damaging foreclosure procedures.
DefaultThe condition in which a borrower has failed to meet the obligations of a loan or mortgage.
DelinquencyThe state in which a borrow has failed to meet payment obligations on time.
Department of Veteran Affairs (VA)The successor to the Veteran's Administration, this government agency is responsible for ensuring the rights and welfare of our nation's veterans and their dependents. Among other duties, the VA insures home loans made to veterans.
DepositCash given along with an offer to purchase property, also called earnest money.
DepreciationThe natural decline in property value due to market forces or depletion of resources.
Detached Single-Family HomeA single building improvement intended to serve as a home for one family.
Discount PointsPoints paid in addition to the loan origination fee to get a lower interest rate. One point is equal to one percent of the loan amount.
Distressed PropertyA mortgaged property which has been foreclosed on.
Documentary StampsA State tax, in the forms of stamps, required on deeds and mortgages when real estate title passes from one owner to another. The amount of stamps required varies with each State and in some States stamps are no longer used. In some States these are also known as Transfer Taxes.
DOMDays on Market
Down PaymentAn amount paid in cash for a property, with the intent to mortgage the remaining amount due.
DownspoutThe pipe that water moves through to reach the ground from the rain gutter.
Due-On-Sale ProvisionA clause in a mortgage giving the lender the right to demand payment of the full balance when the borrower sells the property.
DuplexA single-building improvement which is divided and provides two units which serve as homes to two families.
DwellingA house or other building which serves as a home.