What Is An Overall Debt Ratio?
An overall debt ratio is the percentage of your overall debt (housing payments plus any other long-term debt) to your monthly gross income. Lenders use this ratio-sometimes called the back-end ratio-to see whether you qualify for a loan. Common overall debt ratios are 33 or 36 percent.
Popular Real Estate Questions
Popular Real Estate Glossary Terms
Need to understand what is a real estate contingency? In general, a contingency is a condition for something to happen, so the real estate contingency definition relates to provisions ...
Price at which the seller and the buyer agree to trade real estate on the open market. ...
Accelerated depreciation method in which the amounts recognized in the early years of the property's useful life are greater than those recognized in the later years. The SYD is found by ...
Legal record used to create a condominium. It encompasses the description of the property, common elements, ownership units, and acceptable uses of the residence. ...
The vertical elements of a door or window frame which provide vertical support to the overall frame. ...
The "frost line" is a critical concept in real estate and construction, especially in regions with cold climates. But what exactly is the frost line, and why does it matter? Let’s ...
Construction method where reinforced concrete is used with concrete block and mortar to form an extremely strong building. Reinforced concrete construction is often used in conjunction ...
Contract in which the borrower agrees to the terms of a loan including payment dates, interest rate, total cost of the loan, and late payment fees. ...
Agreement by a lender to loan money to suitable borrowers within a given time period but without identifying those borrowers. ...
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