| Term |
Definition |
| Debit Card (EFT Card)
|
A plastic card, looks
similar to a credit card, that consumers may use to make purchases,
withdrawals, or other types of electronic fund transfers. |
| Deed |
A formal written instrument
by which title to real property is transferred from one owner to
another. The deed should contain an accurate description of the
property being conveyed, should be signed and witnessed according to
the laws of the State where the property is located, and should be
delivered to the purchaser at closing day. There are two parties to
a deed: the grantor and the grantee. (See also deed of trust. |
| Deed of Trust |
In many states, this
document is used in place of a mortgage to secure the payment of a
note. |
| Default |
Failure to repay a loan or
otherwise meet the terms of your credit agreement. |
| Deferred Interest |
Occurs when your monthly
payments are not large enough to pay all the interest due on the
loan. This unpaid interest is added to the unpaid balance of the
loan. The danger of deffering your interest is that the buyer ends
up owing more than the original amount of the loan. Also called
Negative Amortization. |
| Delinquency |
Failure to make payments on
time. This can lead to foreclosure. |
| Disclosures |
Information that must be
given to consumers about their financial dealings.
|
