D thru F

The Home Buyer's Dictionary:
A Guide to Understanding the Home Buying Process.

Default
Breach of a mortgage contract (not making the required payments).
 
Density
The number of homes built on a particular acre of land.  Allowable densities are determined by local jurisdictions.
 
Debt-to-Income Ratio
The ratio, expressed as a percentage, which results when a borrower's monthly payment obligation on long-term debts is divided by his or her net effective income (FHA/VA loans) or gross monthly income (conventional loans).
 
Down Payment
The difference between the sales price and the mortgage amount.  A down payment is usually paid at closing.
 
Due-on-Sale
A clause in a mortgage contract requiring the borrower to pay the entire outstanding balance upon sale or transfer of the property.
 
Earnest Money
A sum paid to the seller to show that a potential purchaser is serious about buying.
 
Easement
The right-of-way granted to a person or company authorizing access to the owner's land; for example a utility company may be granted an easement to install pipes or wires.  An owner may voluntarily grant an easement, or can be ordered to grant one by a local jurisdiction.
 
Equity
The difference between the value of a home and what is owed on it.
 
Escrow
The handling of funds or documents by a third party on behalf of the buyer and/or seller.
 
Federal Housing Administration
A federal agency that insures mortgages with lower down payment requirements than conventional loans.
 
Fixed Rate Mortgage
A mortgage with an interest rate that remains constant over the life of the loan.
 
Fixed Schedule Mortgage
Mortgage with a payment schedule established at closing for the life of the loan.  The payment and interest are not necessarily level.
Forward G through L


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07/16/15 07:28 PM

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