Real Estate Glossary
NOTE: The terms mentioned in the Real Estate Glossary and throughout this site have been compiled through our experience and from various other real estate resources and we do not claim it to be 100% accurate. Please feel free to contact us any other suggestions in the comments section below that you think may add value to the subject.
Calculations that are used in determining whether a borrower can qualify for a mortgage. There are two ratios. The "top" or "front" ratio is a calculation of the borrower's monthly housing costs (principle, taxes, insurance, mortgage insurance, homeowner’s association fees) as a percentage of monthly income. The "back" or "bottom" ratio includes housing costs as will as all other monthly debt.
A deed that transfers without warranty whatever interest or title a grantor may have at the time the conveyance is made.