Gross debt service ratio (GDS), total debt service ratio and borrower’s credit rating are key components analyzed in the mortgage loan underwriting process.
A growth equity mortgage (GEM) is a type of fixed-rate mortgage where additional principal payments are pre-planned and increase over time, often by 5% per year.
The Affordable Home Refinancing Program (HARP) was a program offered by the Federal Housing Finance Agency to homeowners who own homes that cost less than their outstanding loan balance.