A legal written document by which title to property is transferred.
Failure of the borrower to honor the terms of the loan agreement. Lenders (and the law) usually view borrowers delinquent 90 days or more on their mortgage payment as ‘in default’.
The monetary difference between the purchase price of the property and the loan amount, expressed in dollars, or as a percentage of the price. For example, if the house sells for $100,000 and the loan is for $80,000, the down payment is $20,000 or 20%. Most loan programs require a down payment but the amount will vary.