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 The Rush Team has developed this Glossary of Real Estate Terms to help our clients better understand the complex world of real estate. If you don't see the term you're looking for and want to know what it means, send us an email. We will send you the answer and add it to our list.
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| M D Debt-to-income ratio: a comparison of gross income to housing and non-housing expenses; with the FHA, the monthly mortgage payment should be no more than 29% of monthly gross income (before taxes) and the mortgage payment combined with non-housing debts should not exceed 41% of income Deed: the document that transfers ownership of a property Deed-in-lieu: to avoid foreclosure ("in lieu" of foreclosure), a deed is given to the lender to fulfill the obligation to repay the debt; this process doesn't allow the borrower to remain in the house but helps avoid the costs, time, and effort associated with foreclosure Default: the inability to pay monthly mortgage payments in a timely manner or to otherwise meet the mortgage terms Delinquency: failure of a borrower to make timely mortgage payments under a loan agreement Discount point: normally paid at closing and generally calculated to be equivalent to 1% of the total loan amount, discount points are paid to reduce the interest rate on a loan Down payment: the portion of a home's purchase price that is paid in cash and is not part of the mortgage loan |