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Nicolas Romo |
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(714)
231-3772 |
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Lic.
# 01787685 |
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Hablo Español |
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Debt
A financial amount owed to another person, company,
bank, etc..
Debt-to-Income Ratio (DTI)
The ratio of total monthly debt to total monthly
income.
Deed
A legal document which affects the transfer of
ownership of real estate from the seller to the
buyer.
Deed-in-Lieu
Short for "deed-in-lieu of foreclosure”. It is used
to transfer title to the lender when the borrower is
in default and wants to prevent foreclosure. The
lender may or may not stop foreclosure activities if
a borrower requests a deed-in-lieu. Regardless of
whether or not the lender accepts the deed-in-lieu,
the avoidance and non-payment of debt will more
likely appear on a borrowers credit history. What a
deed-in-lieu of foreclosure may prevent is having
the documents prior to a foreclosure being recorded
and become a matter of public record.
Deed of Trust
Same as a mortgage. Depending on the state in which
the borrower will live, a deed of trust or mortgage
is obtained.
Default
Failing to make payments on a loan. For first
mortgages or first trust deeds, if a payment has not
been made within 30 days of the date that it is due,
the loan is considered to be in default.
Delinquency
Late or non-payments of principal, interest, taxes,
or insurance. For the majority of mortgages,
payments are due on the 1st day of the month.
Although the lender may not charge a "late fee" for
a number of days (usually 15 or 16 days), the
payment is still considered to be late and the loan
delinquent. When a payment is more than 30 days
late, most lenders report the late payment to one or
more of the credit bureaus (Experian, Equifax,
Transunion, etc.)
Deposit
A sum of money given in advance as security of a
larger amount being expected in the future. A
deposit is always paid of a larger amount to be paid
in the future. In the mortgage and real estate
industry, this is referred to as the "earnest money
deposit."
Depreciation
In the real estate and mortgage industry, the
decline in property value. The opposite of
appreciation.
Discount
The difference between the prima facia amount of a
note/mortgage and the price at which the financial
instrument is sold in the secondary market.
Discount Points
A term used in government-subsidized loans, such as
F.H.A. and V.A. loans, which refers to any "points"
(one percent of the loan amount) paid in addition to
the 1% percent loan origination fee.
Down Payment
Money paid by a buyer from his own personal funds,
as opposed to that portion of the purchase price
that is financed by the lender.
Due-on-Sale Provision
A condition in a mortgage that allows the bank to
demand payment in full if the borrower sells the
property which serves as security for the mortgage.
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