Mortgage Agent Licensing Practice Exam · Question
An applicant's Total Debt Service (TDS) ratio includes all components of the GDS ratio PLUS which of the following?
The TDS ratio expands upon the GDS ratio by adding all other regular monthly debt payments, such as credit card payments, line of credit payments, and car loan
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Question: An applicant's Total Debt Service (TDS) ratio includes all components of the GDS ratio PLUS which of the following?
Answer options:
- Monthly savings contributions
- Annual principal mortgage payment only ✅ Borrower's other monthly debt payments
- Lump-sum payments on the mortgage
Correct answer: Borrower's other monthly debt payments
Explanation: The TDS ratio expands upon the GDS ratio by adding all other regular monthly debt payments, such as credit card payments, line of credit payments, and car loan payments, to the housing costs, relative to the borrower's gross income.
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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?
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