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GLOSSARY OF MORTGAGE TERMS

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GIFT LETTER:
THIS IS A ONE TIME GIFT FROM AN OUTSIDE SOURCE NON-RELATED TO THE PURCHASE. THIS GIFT CAN BE FROM A FRIEND OR RELATIVE AND DOES NOT HAVE TO BE REPAID.

GROSS DEBT SERVICE:
THE PERCENTAGE OF THE BORROWER'S GROSS INCOME THAT IS USED TO CALCULATE THE PRINCIPAL, INTEREST, TAXES, AND HEATING COSTS OF PROPERTY.

GUARANTOR:
SOMEONE WHO GUARANTEES THAT IF THE BORROWER DOES NOT OR IS UNABLE TO PAY THE DEBT, THEY WILL PAY IN PLACE OF THE BORROWER.

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*Mortgage Edge assumes no responsibility for the use or application of any comments and/or formulas on this site. Any areas concerning taxes, investments,mortgages, insurance or specific legal situations should be referred to lawyers, accountants, financial consultants, realtors or other licensed professionals, qualified or authorized to render such advice. Additionally, all concierge services are paid advertisers, and Mortgage Edge does not warrant or guarantee any work provided. All Rates are subject to change without notice and may vary based on individual application. O.A.C. Fees may apply in some circumstances on unqualified transactions.


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