D.R. / Debt Ratio – The customer’s monthly obligations divided by their monthly gross income. Deed – Legal document which conveys the title to a property. Deed of Trust – A document used which pledges real property to secure a debt. In some cases a deed of trust can replace a mortgage. Default – Failure […]
Category: Mortgage
Mortgage Glossary Terms: D-E
May 12th, 2004
Category: Mortgage
Mortgage Glossary Terms: B-C
May 12th, 2004
Back End – This refers to the debt-to-income ratio calculated using principal, interest, taxes, insurance and consumer credit obligations divided by gross monthly income. It is expressed as a percentage. Balloon Usually a short-term fixed-rate loan which involves small payments for a certain period of time and one large payment for the remaining amount of […]
Category: Mortgage
Mortgage Glossary Terms: A
May 5th, 2004
1003 – Uniform Residential Loan Application. A & D LOAN – Acquisition and development loan- a loan for the purchase of raw land for the purpose development. Abstract Title – A written history of the ownership of a parcel of land. Acceleration Clause – Allows the lender to speed up the rate at which your […]
Category: Mortgage