Frost Mortgage Banking Group Glossary of Terms

The document used in some states instead of a mortgage; title is conveyed to a trustee.

Failure to make mortgage payments on a timely basis or to comply with other requirements of a mortgage.

Failure to make mortgage payments when mortgage payments are due.

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.

A decline in the value of property; the opposite of appreciation.

See point.

The rights of a widow in the property of her husband at his death.

The part of the purchase price of a property that the buyer pays in cash and does not finance with a mortgage.

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.

This terminology is usually used for second mortgages. See due-on-sale provision.

A deed given by a mortgagor to the mortgagee to satisfy a debt and avoid foreclosure. Also called a "voluntary conveyance."

The legal document conveying title to a property.

An amount owed to another. See installment loan and revolving liability.

Deposit

Depreciation

Discount Points

Dower

Down Payment

Due-On-Sale Provision

Due-On-Transfer Provision

Delinquency