Mortgage Dictionary


An amount owed to another.


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.


A deed given by a mortgagor to the mortgagee to satisfy a debt and avoid foreclosure.


Failure to make mortgage payments on a timely basis or to comply with other requirements of a mortgage.  


Failure to make mortgage payments when mortgage payments are due.


A sum of money given to bind the sale of real estate, or a sum of money given to ensure payment or an advance of funds in the processing of a loan.


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

Down Payment

The part of the purchase price of a property that the buyer pays in cash and does not finance with a mortgage.

Due-On-Sale Provision 

A provision in a mortgage that allows the lender to demand repayment in full if the borrower sells the property that serves as security for the mortgage.