Good Faith Estimate
An estimate of charges which a borrower is likely to incur in connection with a loan closing.
GE Capital Mortgage Insurance Company
GE Capital Mortgage Insurance Company is the only private sector source of mortgage insurance to lenders in Canada.
Gross Debt Service
The amount of money needed to pay principal, interest, taxes and sometimes, energy costs. If the dwelling unit is a condominium, all or a portion of common fees are included, depending on what expenses are covered.
Gross Debt Service Ratio
Gross debt service divided by household income. A rule of thumb is that GDS should not exceed 30%. It is also referred to as PIT (Principal, Interest and Taxes) over income. Sometimes energy costs are added to the formula, producing PITE, which moves the rule of thumb GDS to 32%.
Source: The Canadian Real-Estate Association (http://www.crea.ca)
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