Mortgage Glossary 'D'

Debt to Income Ratio to Down Payment
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Debt to Income Ratio to Down Payment – Glossary of Mortgage Terms

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A B C D E F G H I J L M O P R S T U V
  • Debt-to-income ratio: a comparison of gross income to housing and non-housing expenses; With the FHA, the-monthly mortgage payment should be no more than 29% of monthly gross income (before taxes) and the mortgage payment combined with non-housing debts should not exceed 41% of income.
  • Deed: the document that transfers ownership of a property.
  • Deed-in-lieu: to avoid foreclosure ("in lieu" of foreclosure), a deed is given to the lender to fulfill the obligation to repay the debt; this process doesn't allow the borrower to remain in the house but helps avoid the costs, time, and effort associated with foreclosure.
  • Default: the inability to pay monthly mortgage payments in a timely manner or to otherwise meet the mortgage terms.
  • Delinquency: failure of a borrower to make timely mortgage payments under a loan agreement.
  • Discount point: normally paid at closing and generally calculated to be equivalent to 1% of the total loan amount, discount points are paid to reduce the interest rate on a loan.
  • Down payment: the portion of a home's purchase price that is paid in cash and is not part of the mortgage loan.

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