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total debt ratio
Monthly debt and housing payments divided by gross monthly income. Also known as Obligations-to-Income Ratio or Back-End Ratio.
Truth-in-Lending Act
A federal law requiring a disclosure of credit terms using a standard format. This is intended to facilitate comparisons between the lending terms of different financial institutions.
underwriting
The process of issuing insurance policies.
Veterans Administration (VA)
A government agency guaranteeing mortgage loans with no down payment to qualified veterans.
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