Loan Glossary
Plain-English definitions for every term you'll encounter in the loan process
Showing 2 terms
in Mortgage starting with D
D
Deed of Trust
MortgageA legal document used in some states instead of a mortgage. It transfers legal title to a neutral trustee until the loan is paid off, at which point the title returns to the borrower.
Down Payment
MortgageThe portion of a property's purchase price paid upfront, not financed by the mortgage. A larger down payment reduces the loan amount, may eliminate PMI, and often results in a lower interest rate.