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GLOSSARY
Canadian Financial, Real Estate and Mortgage Glossary
How often this word is used
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50% - Moderately
50% - Moderately
Debt-to-Income Ratio
Synonyms: | back-end ratio, front-end ratio |
Filed Under: | financial-banking, mortgages |
Tags: | banking, debt, mortgage |
Definition of debt-to-income ratio
- debt-to-income ratio
- 1. A ratio used to show how much of an individual's income goes toward debt repayments. The Debt-to-Income Ratio (DTI) can be used by lenders to determine an applicant's ability to repay a loan.
Related Terms and Acronyms:
- debt Money one person or firm owes to another person or firm.
- debt/equity ratio A comparison of debt and equity used to measure the health of a business.
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gross debt service (GDS)
The total monthly mortgage (or rent) payments, property taxes, utilities and maintenance fees as a percentage of gross monthly income.
➥ Used by mortgage lender underwriters to determine one's ability to qualify for a mortgage loan. - income The money earned in a specific time period.
- loan Letting another party use something of value temporarily.
- mortgage (mtg) A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.
- total debt service (TDS) The ratio of a borrower's total monthly debt payments to his or her monthly gross income. Lenders use this ratio to determine how much of a loan a borrower is qualified for.
- total expense ratio (TER) The percentage of monthly debt payments compared to total before-tax income.
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