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D Mortgage Glossary
Damages
The amount recoverable by a person who has been injured in any manner through the act or default of another.
Debenture
An unsecured bond or note.
Debit
In a closing statement or settlement, an item that is charged to a buyer or seller.
Debit Card
A plastic card which looks similar to a credit card, that consumers may use to make purchases, withdrawals, or other types of electronic fund transfers.
Debt
An obligation to pay another.
Deed
The written instrument that conveys a property from the seller to the buyer. The deed is recorded at the local courthouse so that the transfer of ownership is part of the public record.
Deed of Trust
This document, referred to as a mortgage in some states, pledges a property to a lender or trustee as security for the repayment of a debt.
Deed Stamp
A tax that is required in some municipalities if a property changes hands. The amount of this tax can vary with each state, city and county. For our comparison purposes, this fee is considered a tax or other unavoidable fee.
Deed-in-lieu
A process that allows a borrower to transfer the ownership of a property to the lender in order to avoid loss of the property through foreclosure.
Delinquency
The failure to make payments on debts when they are due.
Delivery Fee
A fee charged generally by the title company or attorney for the delivery of documents to your lender. For our comparison purposes, the delivery fee is considered to be a third party fee.
Department of Veterans Affairs (VA)
An agency of the federal government that provides services and guarantees residential mortgages made to eligible veterans of the military services
Deposit
Funds required by a lender in advance of the processing of a loan request. Generally a deposit is collected to cover the costs of an appraisal and credit report and may or may not be refundable.
Discount Points
Fees that are collected by the lender in exchange for a lower interest rate. Each discount point is 1% of the loan amount. For our comparison purposes, a discount point is considered to be a lender fee. To determine if it is wise to pay discount points to obtain a lower rate, you must compare the up front cost of the points to the monthly savings that result from obtaining the lower rate. Sometimes referred to as "points".
Discount Rate
The interest rate that the Federal Reserve charges member banks for loans, using government securities or eligible paper as collateral. This provides a floor on interest rates, since banks set their loan rates a notch above the discount rate.
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