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| Debt-
The amount owned to another.
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| Debt-to-Income (DTI)-
Most lenders require a borrower?s monthly payment may not exceed more than 20 percent of the buyer?s gross monthly income. Additionally, all of the buyer?s monthly debt cannot total more than 33 to 36 percent of his or her monthly income. Occasionally, a lender will allow a few percent leeway if the buyer has an excellent credit history.
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| Deed-
A written, legal document conveying title to real property.
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| Deed-in-Lieu-
Short for ?deed in lieu of foreclosure,? this refers to the act of transferring property back to the lender to avoid foreclosure.
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| Default-
Failure to make mortgage payments or meet all terms specified within the loan in a specific time period. Defaulting on a loan permits the lender to accelerate and begin the foreclosure process |
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| Deferred-
Maintenance
A type of physical depreciation due to lack of normal upkeep.
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| Depreciation-
The opposite of appreciation, this is a decline in the value of real property.
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| Discount Points-
Refers to any ?points? paid in addition to loan origination fees. One point equals one percent of the loan amount.
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| Down Payment-
A specified percentage of a home?s value required at the closing, which ensures the buyer has an invested interest in the property. Typically, a down payment is 5%, 10%, 20%, or 25% of the house price. (Some lenders offer 0% down.) |
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| Draw-
A periodic advance of funds from a lender.
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| Due-on-Sale-
A provision within a mortgage loan that reserves the lender?s right to demand the repayment of the loan balance in full when the borrower sells the property.
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