Current Mortgage Rates: Richmond, VA
2.750% (2.807% APR) 30yrs
2.125% (2.130% APR) 15yrs
as of 09/23/21
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Glossary of Mortgage Terms

Search for glossary terms (regular expression allowed)
Term Main definition
A borrower who doesn't pay.
Debt consolidation
Rolling short-term debt into a home mortgage loan, either at the time of home purchase or later.
Debt elimination
Scams designed to relieve you of your money by promising to eliminate your mortgage debt.
A borrower who cannot handle debt except by complete abstinence.
Deed in lieu of foreclosure
Deeding the property over to the lender as an alternative to having the lender foreclose on the property.
Failure of the borrower to honor the terms of the loan agreement. Lenders (and the law) usually view borrowers delinquent 90 days or more as in default.
Deferred interest
Same as negative amortization.
A mortgage payment that is more than 30 days late don’t confuse With Late payment.
Demand clause
A clause in the note that allows the lender to demand repayment at any time for any reason.
Reversing the securitization process by converting a security back into individual loans.
Direct lender Same as lender. Disaster M
The tendency of lenders to ignore potential shocks that can cause them major losses if a long period has elapsed since a shock has occurred.
Discount mortgage broker
A mortgage broker who claims to be compensated entirely by the lender rather than by the borrower.
Discount points
Same as points.
Discretionary ARM
An adjustable rate mortgage on which the lender has the right to change the interest rate at any time subject only to advance notice. Discretionary ARMs are found abroad, not in the US.
Documentation requirements
The set of lender requirements that specify how information about a loan applicant's income and assets must be provided, and how it will be used by the lender.

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