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Mortgage glossary
Whether you are buying a home or refinancing, applying for a mortgage is a big step. Use our mortgage glossary to help you through the process. Our comprehensive glossary of mortgage loan terms is even used by loan officers and real estate professionals. Bookmark our mortgage glossary as a quick mortgage definitions and vocabulary reference. |
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- Debt
Money owed by one person or entity to another.
- Debt consolidation
Replacing several loans with one. These loans can be secured by home equity, which make them a wise choice for people who have run up high-interest credit card debt -- if they can train themselves to stop using the cards.
- Debt-to-income ratio
A ratio used by lenders to decide whether to offer a loan, and at what rate. It calculates how much of a potential borrower's before-tax earnings are spent to pay loans.
- Debtor
A person who or entity that owes.
- Default
What takes place when you don't pay a loan or lease debt in a timely fashion.
- Depreciation
The opposite of appreciation, depreciation is the loss of value over time. Depreciation is most sudden in new cars, whose value drops sharply the moment they are driven off the showroom lot. That results in buyers being upside down in their loans, owing more than they are worth.
- Discount rate
A very low interest rate at which Federal Reserve Bank member institutions may borrow money from the central bank on a short term basis.
- Down payment
Used in loans with collateral, it is a partial payment for an asset. The loan covers the remainder. The larger the down payment, the smaller the loan.
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| National
mortgage rates |
| 11/21/2009 4:57:42 AM
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