D Mortgage Terms | Oconee County Real Estate
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Debt Service
The total amount of credit card, auto, mortgage or other
debt upon which you must pay.
Deed
The legal document conveying title to a property.
Deed of Trust
A document similar to a mortgage. If you default on
your obligation to pay the lender, your lender can request
that the Deed of Trust be foreclosed through a more
streamlined process that saves the lender from having
to take court action to foreclose on the property.
Default
Failure to make mortgage payments on a timely basis
or to comply with other requirements of a mortgage.
Deficiency Judgement
A court order which would allow your lender to take
possession of your personal assets in order to recover
any loss which was caused by having to foreclose on
your property.
Delinquency
Failure to make mortgage payments when mortgage payments
are due.
Down Payment
The amount of cash that you will need
to pay up-front on a house. Basically, you are reducing,
or "paying down" the amount of money you will need to
borrow. The mortgage amount plus your cash Down Payment
is equal to the selling price of the house. Keep in
mind that there are numerous other Closing expenses
for which you will need to pay.
Due-on-Sale Clause - see Acceleration
Clause
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