DATE OF APPRAISAL
The specific point in time as of which an appraiser designates the value of a home. Often stipulated as the date of inspection.

DEBT
An obligation to repay some amount owed. This may or may not be monetary.

DEBT EQUITY RATIO
The ratio of the amount a mortgagor still owes on a property to the amount of equity they have in the home. Equity is calculated at the fair-market value of the home, less any outstanding mortgage debt.

DEED
A document indicating the ownership of a property.

DEED-IN-LIEU (OF FORECLOSURE)
A document given by a borrower to a lender, transferring title of the property. Often used to avoid credit-damaging foreclosure procedures.

DEED OF TRUST
A document which transfers title in a property to a trustee, who’s obligations and powers are stipulated. Often used in mortgage transactions.

DEED OF RECONVEYANCE
A document which transfers ownership of a property from a Trustee back to a borrower who has fulfilled the obligations of a mortgage.

DEED OF RELEASE
A document which dismisses a lien or other claim on a property.

DEED OF SURRENDER
A document used to surrender any claim a person has to a property.

DEFAULT
The condition in which a borrower has failed to meet the obligations of a loan or mortgage.

DELINQUENCY
The state in which a borrow has failed to meet payment obligations on time.

DEPOSIT
Cash given along with an offer to purchase property, Also called EARNEST MONEY.

DEPRECIATION
The natural decline in property value due to market forces or depletion of resources.

DETACHED SINGLE-FAMILY HOME
A single building improvement intended to serve as a home for one family.

DISCOUNT POINTS
Points paid in addition to the loan origination fee to get a lower interest rate. One point is equal to one percent of the loan amount.

DISTRESSED PROPERTY
A mortgaged property which has been foreclosed on.

DUE-ON-SALE PROVISION
A clause in a mortgage giving the lender the right to demand payment of the full balance when the borrower sells the property.

DUPLEX
A single-building improvement which is divided and provides two units which serve as homes to two families.

DWELLING
A house or other building which serves as a home.

DOWN PAYMENT
An amount paid in cash for a property, with the intent to mortgage the remaining amount due.