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| Damages
- The amount recoverable by a person who has been injured in any manner through the act or default of another. |
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| Debenture
- An unsecured bond or note. |
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| Debit
- In a closing statement or settlement, an item that is charged to a buyer or seller. |
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| Debit Card
- A plastic card which looks similar to a credit card, that consumers may use to make purchases, withdrawals, or other types of electronic fund transfers. |
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| Debt
- An obligation to pay another. |
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| Deed
- The written instrument that conveys a property from the seller to the buyer. The deed is recorded at the local courthouse so that the transfer of ownership is part of the public record. |
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| Deed of Trust
- This document, referred to as a mortgage in some states, pledges a property to a lender or trustee as security for the repayment of a debt. |
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| Deed Stamp
- A tax that is required in some municipalities if a property changes hands. The amount of this tax can vary with each state, city and county. For our comparison purposes, this fee is considered a tax or other unavoidable fee. |
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| Deed-in-lieu
- A process that allows a borrower to transfer the ownership of a property to the lender in order to avoid loss of the property through foreclosure. |
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| Delinquency
- The failure to make payments on debts when they are due. |
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| Delivery Fee
- A fee charged generally by the title company or attorney for the delivery of documents to your lender. For our comparison purposes, the delivery fee is considered to be a third party fee. |
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| Department of Veterans Affairs (VA)
- An agency of the federal government that provides services and guarantees residential mortgages made to eligible veterans of the military services |
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| Deposit
- Funds required by a lender in advance of the processing of a loan request. Generally a deposit is collected to cover the costs of an appraisal and credit report and may or may not be refundable. |
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| Discount Points
- Fees that are collected by the lender in exchange for a lower interest rate. Each discount point is 1% of the loan amount. For our comparison purposes, a discount point is considered to be a lender fee. To determine if it is wise to pay discount points to obtain a lower rate, you must compare the up front cost of the points to the monthly savings that result from obtaining the lower rate. Sometimes referred to as "points". |
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| Discount Rate
- The interest rate that the Federal Reserve charges member banks for loans, using government securities or eligible paper as collateral. This provides a floor on interest rates, since banks set their loan rates a notch above the discount rate. |
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