| Down Payment: |
The portion of a home's purchase price that is paid in cash and is not part of the mortgage loan. |
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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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| Front Ratio: |
The front ratio (housing payment ratio) compares your total mortgage payment to your monthly income. |
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| 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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| Home Value: |
The amount of money paid to purchase the property. |
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| Annual Taxes: |
Annual taxes covers all taxes paid to maintain upkeep of the property. It includes property taxes, school taxes and water taxes. |
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| Annual Hazard Insurance: |
An insurance policy that combines personal liability insurance and hazard insurance for a home and its contents. |
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