Housing Expense Ratio
Definition of "Housing Expense Ratio"
The ratio of housing expense to borrower income. This ratio is one factor used in qualifying borrowers.
Popular Mortgage Terms
A mortgage lender that sells all the loans it originates in the secondary market. ...
An agreement by the lender not to exercise the legal right to foreclose in exchange for an agreement by the borrower to a payment plan that will cure the borrowers delinquency. ...
The ratio of housing expense to borrower income. This ratio is one factor used in qualifying borrowers. ...
A lender who specializes in lending to sub-prime borrowers. ...
The period over which the borrower is obliged to make payments. On most mortgages, the payment period is a month but on some it is biweekly. It is not necessarily the same as the Interest ...
The sum of all interest payments to date or over the life of the loan. This is not a good measure of the cost of credit to the borrower because it does not include upfront cash payments and ...
A payment made by a lender to a mortgage broker for delivering an above-par loan. A par loan is one on which the lender charges zero points. Lenders charge points on loans carrying ...
Assuming responsibility for someone else's payment obligation in the event that that party defaults. ...
Requirements stipulated by the lender that the ratio of housing expense to borrower income and the ratio of housing expense plus other debt service to borrower income cannot exceed ...
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