The ratio, expressed as a percentage, which results when a borrower’s monthly payment obligation on long term debts is divided by his or her gross monthly income. See housing expenses-to-income ratio.

In many states, this document is used in place of a mortgage to secure the payment of a note.

Failure to meet legal obligations in a contract, specifically, failure to make the monthly payments on a mortgage.

When a mortgage is written with a monthly payment that is less than required to satisfy the note rate, the unpaid interest is deferred by adding it to the loan balance. See negative amortization.

Failure to make payments on time. This can lead to foreclosure.

An independent agency of the federal government which guarantees long term, low-or-no-down payment mortgages to eligible veterans.

See point

Money paid to make up the difference between the purchase price and the mortgage amount.

A provision in a mortgage or deed of trust that allows the lender to demand immediate payment of the balance of the mortgage if the mortgage holder sells the home.