Do Higher Interest Rates Cause Lower House Prices? » September 8, 2010
I have always enjoyed challengi... No increase in mortgage costs seen for Sept. » September 7, 2010
Homeowners aren’t likely to fac... A 1-Year Fixed Strategy » September 2, 2010
The odds are fair that prime ra... Atlantic Canada housing starts up in 2010 » September 1, 2010
Atlantic Canada's housing st... Housing Starts to Show Positive Growth in 2010 » August 31, 2010
According to Canada Mortgage and ...
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Glossary | |
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| There are 5 entries in the definition. | ||
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| Term | Definition | |
| Back Ratio | Ratio of monthly housing costs (principal, insurance, taxes, and interest) plus regular monthly payments to gross monthly income used by lender to evaluate an applicant\'s qualification for a loan. Lenders will typically allow a back ratio between 32 and 45 percent. | |
| Balloon Payment | Final payment on a mortgage that is larger than preceding payments and pays the loan in full. | |
| Bankruptcy | A legal proceeding, which offers protection from creditors to a debtor who is unable to pay debts. | |
| Book Value | The value of an asset as shown in the financial records of an individual or corporation. | |
| Borrower | An individual, organization or company that is using funds, materials or services on credit. See also borrowing, lender, loan. | |