Mortgage Agent Licensing Practice Exam · Question
When calculating a borrower's Gross Debt Service (GDS) ratio, which of the following is typically NOT included?
The GDS ratio primarily considers housing-related costs, including mortgage principal and interest, property taxes, and heating. Monthly credit card payments ar
Start free practice for Mortgage Agent Licensing Practice Exam
307 questions · no signup required · 40 free questions per day
Question: When calculating a borrower's Gross Debt Service (GDS) ratio, which of the following is typically NOT included?
Answer options:
- Annual property taxes
- Estimated annual heating costs
- Annual principal and interest payments for the mortgage ✅ Monthly credit card payments
Correct answer: Monthly credit card payments
Explanation: The GDS ratio primarily considers housing-related costs, including mortgage principal and interest, property taxes, and heating. Monthly credit card payments are part of general debt and are used in calculating the Total Debt Service (TDS) ratio, not GDS.
Start free practice for Mortgage Agent Licensing Practice Exam
307 questions · no signup required · 40 free questions per day
More about Mortgage Agent Licensing Practice Exam
Related Questions
- Which of the following is NOT a primary provider of mortgage default insurance in Canada?
- When must a mortgage agent provide the borrower with certain disclosures regarding the proposed mortgage, part
- Michael and Jennifer are applying for a mortgage to purchase a home in Calgary for $700,000. Their combined gr
- Which of the following scenarios would typically lead to a higher mortgage interest rate for a borrower?
- Which type of lender typically offers the most flexible underwriting criteria but often at higher interest rat
- Which of the following bodies is primarily responsible for regulating mortgage brokers and agents in Ontario?
More for Mortgage Agent Licensing Practice Exam candidates
FAQs
Question explanations
- Which of the following is NOT a primary provider of mortgage default insurance in Canada?
- When must a mortgage agent provide the borrower with certain disclosures regarding the proposed mortgage, part
- Michael and Jennifer are applying for a mortgage to purchase a home in Calgary for $700,000. Their combined gr
- Which of the following scenarios would typically lead to a higher mortgage interest rate for a borrower?
Ready to practice?
Free, no signup required. Build a wrong-question list as you go.
Start Free Mortgage Agent Licensing Practice Exam Practice →Related courses
Other Canadian certifications candidates often prepare for alongside this one.