Debt
An amount of money owed by one person, company, organization or other entity to another.

Debt consolidation
A single loan to pay off multiple debts, usually over a longer term. This is a popular use of home equity loan or cash out refinance.

Debt-to-income ratios
The percentage of your total debt compared to your total income before taxes. Many lenders like to see your debt (including your mortgage payments) be no more than 36% of your total income.

Deed (warranty or quit-claim)
A document that legally transfers ownership of real estate from a seller to a buyer. It's delivered to the buyer at closing. Before making a loan, a lender will usually require a title search or a title report to make sure the real estate that is to secure the loan is legally owned by the borrower.

Default
Failure to make mortgage payments on time or to meet other terms of a loan. Default can lead to foreclosure.

Delinquency
Failure to make payments on time.

Disclosures
Information given to consumers about their loans.

Discount points
Typically, an amount paid at closing to the lender in conjunction with a mortgage loan in order to lower the interest rate. One discount point equals one percentage point of the loan amount.

Document preparation fee
Fee required to cover the cost of preparing the necessary documents for closing.

Document drawn date
The date on which your legal documents are prepared for closing.

Down payment
The amount of cash you pay toward the purchase of your home to make up the difference between the purchase price and your mortgage loan. Down payments often range between 5% and 20% of the sales price depending on many factors, including your loan, your lender, your credit history and so forth.