3 Rules Lenders use to Mortgage You!

September 27th, 2016

The 3 “rules of lending” focus on determining the maximum size of mortgage that can be supported by your provable income:

Rule #1 - GROSS DEBT SERVICE (GDS) Your monthly housing costs are generally not supposed to exceed 32% of your gross monthly income. 

 

Rule #2 - TOTAL DEBT SERVICE (TDS) Your entire monthly debt payments should not exceed 42% of your gross monthly income

 

Rule #3 - ...