The following terms were found in the Loan Glossary beginning with the letter (D). Please review the terms below.

Deed:  The legal document conveying title to a property.

Deed of trust:  The document used in some states instead of a mortgage; title is conveyed to a trustee rather than to the borrower.

Default:  Failure to make mortgage payments on a timely basis or to comply with other conditions of a mortgage.

Delinquency:  A loan in which a payment is overdue.

Deposit:  Cash paid to the seller when a formal sales contract is signed.

Depreciation:  A decline in the value of property; the opposite of appreciation.

Downpayment:  The part of the purchase price which the buyer pays and does not finance with a mortgage.

Due-on-sale clause:  A provision in a mortgage allowing the lender to demand repayment in full if the borrower sells the property securing the mortgage.