Home > Personal > Personal Lending > Mortgage > Mortgage Resources > Glossary > Debit Debit November 9, 2021 In a closing statement or settlement, an item that is charged to a buyer or seller. Compare with credit.You Might Also Like: Living QuartersSpring Maintenance Checklist for Your Home All Things CommunityHoli-days of Giving 2022 Everyday MoneyGiving Back During the Holiday Season Living QuartersYour Top Mortgage Questions Answered Living QuartersHow to Understand Mortgage Language