Fixed rate loans are fully amortized loans characterized by a fixed interest rate and consistent monthly payment over the life of the loan.
A person’s debt to income ratio is the percentage of their monthly gross income that goes towards paying debts. It is an assessment of their income strength.
Credit Worthiness refers to a lenders appraisal of a borrower’s financial stability.
A balloon payment mortgage is a mortgage which does not fully amortize over the term of the loan, thus leaving a balance due at maturity.
Loan assumption is the ability of a new borrower to take over a loan -on the same terms- from the original borrower.