Real Estate Term of the Day: Back-End Ratio & Front-End Ratio (aka Debt to Income Ratios or DTI) BACK-END RATIO – one of several criteria used to qualify homebuyers or owners for mortgage loans. The back-end ratio takes into account existing long-term debt of the loan applicant (Barron’s Dictionary of Real Estate Terms) Common debts … More Real Estate Term of the Day: Back-End Ratio & Front-End Ratio
Real Estate Term of the Day: Attached Housing ATTACHED HOUSING (aka: Attached Single Family) – dwelling units that are attached to each other on at least one side, possibly divided from one another by a firewall or other physical partition. Contrast with detached housing (Barron’s Dictionary of Real Estate Terms) The two most common types … More Real Estate Term of the Day: Attached Housing
Real Estate Term of the Day: Assumable Loan ASSUMABLE LOAN – a mortgage loan that allows a new home purchaser to undertake the obligation of the loan with no change in loan terms. Most FHA and VA (government backed) mortgages are assumable (Barron’s Dictionary of Real Estate Terms) Benefits for the Buyers: Lower interest rate … More Real Estate Term of the Day: Assumable Loan
Real Estate Term of the Day: Assessed Value, Assessment & Assessor ASSESSED VALUE – the value established for property tax purposes (Barron’s Dictionary of Real Estate Terms) ASSESSMENT – the amount of tax or special payment due to a municipality or association (Barron’s Dictionary of Real Estate Terms) ASSESSOR – an official who determines property … More Real Estate Term of the Day: Assessed Value, Assessment & Assessor
LESLIE MONACO REAL ESTATE 