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Term The length of time which a mortgage agreement covers. Payments may not fully repay the outstanding principal by the end of a term because the amortization period is longer.
Title The right to the possession of land or property.
Total Debt Service Ratio (TDSR) The Total Debt Service Ratio (TDSR) is the percentage of gross annual income required to cover payments associated with housing and all other debts and obligations, such as payments on a car loan. Most lenders have established that the TDSR ratio should not exceed 40% of gross annual income.