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Home > Glossary

Glossary
We realize some of the credit wording the banks use can get confusing. We've put together this glossary to help you better understand commonly used words, phrases, and acronyms in the credit industry.

Glossary

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	Qualifying Ratios
	Qualifying ratios are calculated by lenders, the percentage of a borrowers income that is spent on housing debt and the combined household debt. The first qualifying ratio, called the 'front ratio' is the actual percentage of 'monthly taxable income' that goes toward a house payment. The 'back ratio' is the sum of the house payment and all other monthly debts like credit card balances, automobile payments, student loans and are then divided by 'before tax income' for a net value.

	Qualifying Ratios
	Qualifying ratios mean the ratio of your fixed monthly expenses against the borrower's gross monthly income, and is used to determine how much a borrower can comfortably afford to borrow.

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