Glossary of terms used on this site
There are 105 entries in this glossary.D
| Term | Definition |
|---|---|
| Deed |
A legal document in which title to property is transferred to a third-party trustee as security for an obligation owed by the trustor (borrower) to the beneficiary (lender). A deed of trust is similar to a mortgage – the main difference is that it involves three parties. |
| Department of Housing and Urban Developm |
A United States government agency established to implement certain federal housing and community development programs. |
| Department of Veterans Affairs |
See VA. |
| Discount Points |
A dollar amount paid to a lender as a consideration for making the loan and to lower the interest rate. A discount point is equal to 1 percent of the loan amounts. |
| Down Payment |
The amount paid by cash or trade-in toward the purchase price. Generally, lenders waive mortgage insurance (PMI) for down payments of 20% or more. However, there are several loan programs available for buyers with as little as zero down. |
| Duplex |
A form of housing having two residential units under one roof, whether side by side or one above the other on separate floors. |