Total debt servicing ratio (Mortgages), Credit Unions, Fiduciaries, Savings Plans, Trust Companies, Letters Of Credit, Registered Agents

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Total debt servicing ratio (Mortgages) - Depository Glossary Terms and Abbreviations

A formula used to determine the maximum monthly debt payments a person can afford. The ratio calculation divides total shelter costs plus debt payments by gross income. Shelter costs generally include mortgage payment or rent, property taxes, utilities and 50% of condo fees, if applicable. Debt payments include all loan, credit card and line of credit payments.

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