| Income 1,2 and 3: |
All borrowers responsible for mortgage payments must enter there gross (pre-tax) monthly income. |
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| Auto Loans: |
The monthly payment of an auto loan or lease of all the borrowers. |
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| Student Loan: |
The monthly payment of all the borrowers' student loans. |
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| Installment Loans: |
In addition to auto and student loans, any other loans outstanding that require a monthly payment. |
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| Revolving Accounts: |
Revolving Accounts usually are attached to a credit card, has a high credit, terms based on the balance, scheduled monthly payment, and a current balance. |
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| Other Debts: |
Other debts that has a monthly payment obligation that is not mentioned here. |
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| 3% 5% 10% 15% 20%,Other: |
The amount of down payment that you intend to make expressed in percentage terms. Example: The house value is $100,000. Your down payment is $20,000. The down payment percentage is 20%. |
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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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| Term in Years: |
The number of years required to pay off the principal and interest of the loan. |
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| Estimated Front Ratio: |
The front ratio (housing payment ratio) compares your total mortgage payment to your monthly income. |
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| Estimated Back Ratio: |
The Back Ratio (total debt ratio) compares your total monthly obligations including your mortgage payment to your monthly income. |
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