No Income Verification Mortgages feature higher rates due to the increased default risk. Hybrid mortgages combine portions of fixed and variable rates, such as a fixed term with fluctuating payments. Debt Consolidation Mortgages roll higher-interest charge card debts into lower-cost mortgage financing. The debt service ratio compares monthly housing costs and also other debts against gross household income. Prepayment charges compensate the financial institution for lost interest revenue every time a closed mortgage is repaid early.
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