Pre-Black Friday Rate Sale going on now through 11/19!
Learn MoreNeed Help?
Call Us
Money owed to another and due to be paid according to a predetermined agreement. Mortgage lenders carefully review your debt to help determine their loan decision. Also referred to as liability.
Your total monthly debt, divided by gross monthly income and shown as a percentage. Total monthly debt includes monthly mortgage payments as well as student loans, car loans, and credit card payments. Example of an ideal debt-to-income ratio: If debt = ($XXX) and gross monthly income = ($XXX), the Debt-to-Income Ratio equals ($XXX) divided by ($XXX), or (XX%). This indicates that you are well qualified to pay back the mortgage loan. Generally, lenders want a debt-to-income ratio of 36% or under, although some lenders will accept ratios up to 50% if you have a good credit rating. Also called the back-end ratio or total debt ratio.
Failure to make payments as required by the terms of the mortgage loan. Default puts you at risk of losing the property.
When you don't submit payments before the due date and grace period have passed.
A decrease in the value of a property due to negative events such as unfavorable changes in market conditions, or damage to the property.
Having a financial plan before you look can help you better prepare for home buying costs.
Read moreHere is a list of ten things you should know before refinancing.
Read moreWe can help walk you through the process when you’re ready to take the big step and buy or refinance.
GET STARTED ONLINEReady to Buy or Refinance?
Need Help? Call Us
Ready to Buy or Refinance?
By clicking 'OK', you are leaving www.phhmortgage.com and entering a website that PHH Mortgage does not control. PHH Mortgage has provided this link for your convenience and is not responsible for the content, links, privacy policy, or security policy of this website.