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- How does my debt-to-income ratio affect my mortgage application?
Posted : 28/04/2024 4:22 pm
Your debt-to-income ratio (DTI) is a measure of your debt relative to your income. If it is too high, you most likely won't get approved for a home loan. Lenders calculate your DTI by adding up the amount you pay each month for debt and recurring financial obligations, then dividing that total number by your monthly pre-tax income. The ideal DTI is below 36%, but some lenders may accept a DTI of 43% or less
Posted : 30/04/2024 5:24 pm