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Mortgage Explained - Mortgage Terms & Glossary!
 
Getting & applying for a mortgage loan has become so familiar, that everyone know and have an idea about it.. For more & in depth information you may scroll  through our online mortgage dictionary. eLoanCanada is pleased to offer its Learning Center with variety of educational articles & a comprehensive knowledge-base to help you navigate through the world of personal finance.
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Mortgage Terms Glossary - G

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Grace Period - Gross Debt Service Ratio - Gross Income - Guideline Ratios


Grace Period - Period of time during which a loan payment may be made after its due date without incurring a late penalty. The grace period is specified as part of the terms of the loan in the Note.

Gross Debt Service Ratio (GDSR) - The rule is monthly housing costs, usually defined as mortgage payments (combined principal and interest) plus property taxes, secondary financing, heating and 50% of condominium fees, if applicable, should not exceed 32 per cent of monthly household income before taxes.

Gross Income - Total income before taxes or expenses are deducted.

Guideline Ratios - There are two guideline ratios used to qualify you for a mortgage. The first is called the front-end ratio, or top ratio, and is calculated by dividing your new total monthly mortgage payment by your gross monthly income. Typically, this ratio should not exceed 28%. The second is called the back-end, or bottom ratio, and is equal to your new total monthly mortgage payment plus your total monthly debt divided by your gross monthly income. Typically, this ratio should not exceed 36%.
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