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Mobile Home Finance Dictionary > D
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As a service to our customers, we've compiled a mobile home loan dictionary. Anything you need to know should be answered here. |
Looking for a specific term? Our mobile home dictionary is organized by letter.
Dealer: In taxation, a party who buys and sells merchandise for his or her own account which is his or her own inventory and consequently any gain on the sale is considered ordinary income by the IRS.
Debt: An obligation or liability which is usually money and must be repaid from one person to another.
Debt Management Plan: A bill payment plan for a borrower in a credit emergency that is agreed to by the borrower and creditors.
Debt-to-equity ratio: The relationship of the loan and equity components which for example if the debt is $80,000 and the equity is $20,000 there would be a debt to equity ratio of 4:1 or the equivalent to a 80% loan to value ratio.
Debt-to-Income Ratio: The maximum percentage of a borrower's gross monthly income that can be spent on the mobile home payment and all other creditor debts.
Deductible: The amount of cash payment required by an insurance policy that is made by the homeowner to cover a portion of a damage or loss. Typically, the higher the deductible, the lower the cost of the policy.
Deed of Trust: An alternative to a mortgage in some states, whereby a third party holds the deed of the property as security until the buyer/borrower repays the loan. Also called "trust deed."
Default: The failure to fulfill a duty or promise or to discharge an obligation or the failure or omission to perform an act.
Depreciation: A decrease in the value of the property due to changes in market conditions, wear and tear on the property, or other factors.
Disclosures: Federal or State requirements to provide information about a property for sale, especially as it represents actual or potential defects or problems.
District: A city area with a land use different from that of adjacent areas like commercial, industrial or residential areas.
Document Recording: The process of recording certain documents and making them part of the public record that follows closing.
Double taxation: The taxation of the same income at two different levels like a corporation which pays corporate income tax and then its shareholders pay an additional tax on the dividend income.
Down payment: An initial partial payment of the total selling price.
Dual Agent: A real estate professional who represents both the buyer and the seller in a mobile home purchase transaction.
Due-on-Sale Clause: A provision in a mortgage allowing the lender to demand repayment in full if the borrower sells the property that secures the mortgage.
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