Betty Goyens, Your Malibu Agent

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Due-on-Sale-Clause

2022-01-13T23:48:44-05:00January 13, 2022||

A provision in a mortgage or deed of trust that allows the lender to demand immediate payment of the balance of the mortgage if the mortgage holder sells the home.

Down payment

2022-01-13T23:48:31-05:00January 13, 2022||

The portion of the home’s purchase price the buyer pays in cash.

Deed

2022-01-13T23:48:20-05:00January 13, 2022||

A legal document conveying ownership of property.

Debt-To-Income (DTI) Ratio

2022-01-13T23:48:08-05:00January 13, 2022||

The ratio of monthly debt payments to monthly gross income. Lenders use a housing DTI ratio (house payment divided by monthly income) and a total DTI ratio (total debt payments including the house payment divided [...]

Delinquency

2022-01-13T23:47:39-05:00January 13, 2022||

Failure to make payments on time. This can lead to foreclosure.

Deferred Interest

2022-01-13T23:47:25-05:00January 13, 2022||

When a mortgage is written with a monthly payment that is less than required to satisfy the note rate, the unpaid interest is deferred by adding it to the loan balance.

Default

2022-01-13T23:47:10-05:00January 13, 2022||

Failure to meet legal obligations in a contract, specifically, failure to make the monthly payments on a mortgage.

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