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| An amount owed to another. See installment loan and revolving liability. |
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| The legal document conveying title to a property. |
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| A deed given by a borrower to the lender to satisfy a debt and avoid foreclosure. Also called a "voluntary conveyance." |
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| The document used in some states instead of a mortgage; title is vested in a trustee to secure repayment of the loan. |
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| Failure to make loan payments on a timely basis or to comply with other requirements of a mortgage. |
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| Failure to make mortgage payments when due. |
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| 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. See earnest money deposit. |
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| A decline in the value of property because of physical or economic changes such as wear and tear; the opposite of appreciation. |
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| Amounts paid to the lender at origination to lower the rate on the face of the note. See point. |
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| The part of the purchase price of a property that the buyer pays in cash and does not finance with a home loan. |
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| The time period in which the borrower may access and use a line of credit. |
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| A provision in a mortgage home loan that allows the lender to demand repayment in full if the borrower sells the property that serves as security for the loan. |
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| This terminology is usually used for second mortgages. See due-on-sale provision. |
