Debt-to-Income Ratio: A figure, expressed as a ratio, that compares the amount of recurring debt payments a borrower is obligated to make to the amount of their income.

Deed: (1)Legal document by which title to a property is transferred from one owner to another. The deed contains a description of the property and is signed, witnessed, and delivered to the buyer at closing.

Deed of Trust: Document creating a lien on a property as security for the payment of a debt. In some states, a mortgage is used instead.

Default: Failure to meet legal obligations in a contract, including failure to make payments on a loan. A mortgage is generally considered to be in default when a payment is 30 days past due.

Deferred Interest: Amount added to the balance of a loan when monthly payments are insufficient to cover the interest incurred. This results in negative amortization.

Delinquency: Failure to make required payments on time.

Deposit: To submit your loan online, we require a deposit. This deposit is credited toward the cost of your credit report and appraisal. We obtain these services from third parties and incur the cost at the time the service is provided. This deposit, or portion of the deposit, is fully refundable as long as you cancel your loan before we incur the cost for these services. If you cancel your loan after we incur costs, you will be refunded the difference between your deposit and the cost of the service(s).

Depreciation: Decline in property value.

Discount Points: See Points

Documentary Stamps: A state tax, in the forms of stamps, required on deeds and mortgages when real estate title passes from one owner to another.

Document Review: Fee charged by lender for review of documents necessary to fund a loan.

Down Payment: In a home purchase, the difference between the purchase price and the mortgage amount.