Posted on: 29th Oct, 2013 02:50 am
My friend has just taken a mortgage. I have heard about these different types of ratios when qualifying for a loan. He gave me a fair idea but I want to know more about it. I am planning to take a mortgage loan soon. Your replies will be highly appreciated.
Hi,
Through front end ratios a lender calculates, how much of your monthly income will be used for your mortgage payment. And,
Through back end ratio a lender calculates, how much of your monthly income is used for payment of your debt including credit card debts, car loan alimony etc.
Take care
Through front end ratios a lender calculates, how much of your monthly income will be used for your mortgage payment. And,
Through back end ratio a lender calculates, how much of your monthly income is used for payment of your debt including credit card debts, car loan alimony etc.
Take care
Hi Ricardo!
Welcome to the forums!
You can check out the given page to know more about it: http://www.mortgagefit.com/loatalk/front-backend-ratios.html
Sussane
Welcome to the forums!
You can check out the given page to know more about it: http://www.mortgagefit.com/loatalk/front-backend-ratios.html
Sussane