|
Confused in the Home Loan jargon? Our glossary
will help you in understanding the basic loan related terms.
Browse through the glossary or serach for a term through the
menu to resolve any doubts.
Glossary of Home insurance
terms
D
Debt
An amount owed to another. See installment loan and revolving
liability.
Declaration
The section of your insurance policy containing basic information
such as your name and address, the description and location
of the insured property, the policy's term, amount of coverage,
and premium amounts.
Deductible
The amount you are financially responsible for before the
insurance company provides coverage. In most cases, a higher
deductible will give you lower premiums.
Deed
The legal document conveying title to a property.
Default
Failure to make mortgage payments on a timely basis or to
comply with other requirements of a mortgage.
Demutualization
Demutualization is the conversion of an insurance company
from a mutual company that is owned by its policyholders
to a publicly traded company that is owned by stockholders.
Deposit
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..
Depreciation
A decline in the value of property; the opposite of appreciation.
Dower
The rights of a widow in the property of her husband at
his death.
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.
Due-on-transfer provision
This terminology is usually used for second mortgages.
|
