| Debt Service Ratio |
The ratio of debts compared to gross income described as a percentage. |
| Deed |
A legal written document by which title to property is transferred. |
| Default |
The failure to meet payment of the agreed loan instalment/s by the mortgagor. |
| Deposit |
An amount of money placed with a financial institution. |
| Depreciation |
An accounting allowance made on valuation of assets to incorporate natural wear and tear. |
| Disbursement Authority |
An authority signed by the borrower authorising the loan proceeds to be directed to nominated parties eg current loans, insurance. |
| Discharge of Mortgage |
When the loan has been or is to be repaid in full, this form is completed by the borrower authorising the lender to release the property from their security. The certificate of title would be produced at the time and registration of this would be noted on the title. |
| Dividend |
What is paid out of a company's profits to its shareholders. |
| Down Payment |
The difference between the sale price of a property and the mortgage amount. |
| Drawdown |
The payment of loan funds from the lender. |
| Due-on-Sale |
A clause in a mortgage which gives the lender the right to require immediate payment of a mortgage balance if the property changes hands. |
