Mortgage Dictionary

A B C D E F G H I J K L M N O P Q R S T U V W

FAQ

MORTGAGE DICTIONARY

HOMEBUYER'S GUIDE

REFINANCE GUIDE

HOMEPATH AND HOMESTYLE LOANS

EDUCATIONAL RESOURCES

Why Sky Real Estate 

You need mortgage professionals you can trust. You need a company that values honesty and integrity throughout the entire organization. You need mortgage planning specialists who give you their best consistently. You need to find strength, stability and opportunity—especially now. You need Grand Avenue Realty & Lendings!

When dealing with your home financing, we are not only working with one of your largest personal financial investments; we also are handling one of your biggest dreams. Since we work with matters so close to the heart, we serve you from ours.

Grand Avenue Realty & Lending can meet you where you are and help you where you are going. Let us provide you a mortgage without obstacles.

D

DEBT-TO-INCOME RATIO

The relationship between a borrower’s total monthly debt payments (including proposed housing expenses) and his or her gross monthly income; this calculation is used in determining the mortgage amount that a borrower qualifies for.

DEED

The written document conveying real property. The original piece of paper is not needed to convey title in the future once recorded at the county recorder's office.

DEFAULT

The failure to make a schedule payment or otherwise comply with the terms of a mortgage loan or other contract.

DEFERRED INTEREST

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

DELINQUENCY

Failure to make payments in a timely fashion. Foreclosure is a possible result.

DEPARTMENT OF VETERANS AFFAIRS

An independent agency of the federal government which guarantees long-term, low-or no-down payment mortgages to eligible veterans.

DISCOUNT POINT (or POINT)

A fee paid by the borrower at closing to reduce the interest rate. A point equals 1 percent of the loan amount.

DEPRECIATION

A decline in property value.

DOWN PAYMENT

Money paid up front to make up the difference between the purchase price and the mortgage amount. Down payments usually are 5 percent to 20 percent of the sales price on conventional loans.

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Skyh Inc. - A true Full-Service Brokerage   

NMLS 1615282   BRE: 00827316

10129 E. Rosecrans Ave. 

Bellflower, CA. 90706

855-TeamSky  

855-832-6759