House Poor

Definition

A situation where a person spends a large proportion of their total income on home ownership.

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Home Affordability

This leaves them short of cash for discretionary items and other financial obligations.

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28/36 Rule

A common standard used by lenders to determine how much credit to extend to a borrower.

Appraisal

An unbiased professional opinion of a home's value.

Appraisal Gap

The difference between the price a buyer agreed to pay for a home and the home's appraised value.

Closing Disclosure

A five-page form that provides final details about the mortgage loan you have selected.

Closing Disclosure (CD)

A five-page form that provides final details about the mortgage loan you have selected.

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This software is for simulation and planning purposes only. Outputs are estimates based on your inputs and do not constitute professional financial, legal, or tax advice. Always consult a qualified advisor before making business decisions.