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Debt-to-Income Ratio
A figure, expressed as a ratio, that compares the amount of recurring debt payments a borrower is obligated to make to the amount of their income.
Deductions
Expenses you are permitted to subtract from your taxable income. All taxpayers may claim a standard-deduction amount - $6,900 for 1997 and $7,100 for 1998 joint returns, for example. When qualifying expenses exceed the standard deduction, you claim the higher amount by itemizing your deductions. Although no records are needed to back up your standard deduction, you must maintain records of qualifying expenditures if you itemize.
Deed
Legal document by which title to a property is transferred from one owner to another. The deed contains a description of the property and is signed, witnessed, and delivered to the buyer at closing.
Deed of Trust
Document creating a lien on a property as security for the payment of a debt. In some states, a mortgage is used instead.
Default
Failure to meet legal obligations in a contract, including failure to make payments on a loan. A mortgage is generally considered to be in default when a payment is 30 days past due.
Deferred Interest
Amount added to the balance of a loan when monthly payments are insufficient to cover the interest incurred. This results in negative amortization.
Delinquency
Failure to make required payments on time.
Deposit
Cash paid to the seller when a formal sales contract is signed.
Depreciation
A deduction to reflect the gradual loss of value of business property as it wears out. The law assigns a tax life to various types of property; your basis in such property is deducted over that time period.
Depreciation
Decline in property value.
Discount Points
See Points
Document Review
Fee charged by lender for review of documents necessary to fund a loan.
Documentary Stamps
A state tax, in the forms of stamps, required on deeds and mortgages when real estate title passes from one owner to another.
Down Payment
In a home purchase, the difference between the purchase price and the mortgage amount.