Quickloans Glossary

A | B | C | D | E | F | G | H | I | J | K | L | M | N |
O | P | Q | R | S | T | U | V | W | X | Y | Z

 
D

DEED OF TRUST
Document used in many states to secure the payment of a note.

DEFAULT
Failure to make the required payments on a loan. Often results in foreclosure.

DEFERRED INTEREST
See NEGATIVE AMORTIZATION.

DELINQUENCY
Failure to make loan payments on time. This could lead to default or foreclosure.

DEPARTMENT OF VETERANS AFFAIRS
Independent agency of the federal government which guarantees long-term, low or no-down payment loans to eligible veterans.

DISCOUNT POINTS
See POINTS.

DOWN PAYMENT
Money paid to make up the difference between the purchase price and loan amount. Down payments usually are 10 to 20 percent of the sales price on conventional loans.

DUE ON SALE CLAUSE
A provision in a mortgage or deed of trust that allows the lender to demand immediate payment of the balance of the mortgage if the mortgage holder sells the home.

Back to Top