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
When two or more individuals simultaneously have rights in a property unit (e.g., apartment),. The individuals sharing the property have legal privileges and responsibilities to each other. ...
A convex vaulted curvature often spherical in shape usually built atop of a building. Domes can be constructed of any material including masonry, wood, glass or steel. They can be ...
Dividing a lot into two or more parcels. Normally a variance would have to be obtained to permit a lot split. The lot cannot be split unless they meet minimum area zoning requirements ...
Used to compute the tax on a specified taxable income. The marginal tax rate usually increases as the taxable income rises. ...
The method for splitting a commission between a registered real estate sales person and the sponsoring real estate broker, and between the listing broker and the selling broker, or any ...
Last installment payment, substantially greater than the previous installment payments. The unpaid balance of a long-term loan is paid off in a lump sum at the end of the loan term. ...
While trying to determine your net income, you might come across the term revenue, sales, or gross income. So what does revenue mean? Through revenue, we understand the income generated ...
Notice of a pending suit; a public notice given to prospective purchasers and any one else considering an interest in property that the title is being legally challenged, and the outcome is ...
A real estate broker who lists and sells houses or condominiums, as distinguished from a commercial broker who handles business property. ...
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