| Home Value: |
The amount of money paid to purchase the property. |
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| Loan Amount: |
Money borrowed that is usually repaid with interest to purchase property. |
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| Interest Rate: |
The amount of interest charged on a monthly loan payment; usually expressed as a percentage. |
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| Length of Loan: |
The number of years required to pay off the principal and interest of the loan. |
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| GDSR: |
Gross Debt Service Ratio is the percentage of gross annual income required to cover payments associated with housing. The GDSR should not exceed 32% of gross annual income. |
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| TDSR: |
Total Debt Service Ratio is the percentage of gross annual income required to cover payments associated with housing and all other debts and obligations, such as payments on a car loan. The TDSR should not exceed 40% of gross income. |
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