What is Debt to Income Ratio
What is Debt to Income Ratio
Calculating your debt to income ratio is one of the simplest ways to get a handle on your current financial health.
DTI is the percentage of your monthly income that goes towards debt payments. Lenders look at your DTI when they are considering your ability to pay back new debt. Your debt to income ratio can have an impact on how much home you can afford because your DTI can affect how much money a lender might be willing to let you borrow.
Calculating your Debt to Income Ratio
Your DTI is calculated by dividing your monthly minimum debt payments, including your proposed mortgage payments, by your monthly income. The smaller the percentage the better. A low debt to income ratio reflects a good balance between your income and debt.
Read more about Debt to Income ratio in the photo below.
Calculating your Debt to Income Ratio
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What is Debt to Income Ratio? Calculating your debt-to-income ratio (DTI) is one of the simplest ways to get a handle on your current health. John Coneys of Freedom Mortgage, and I can help. #RealEstate #Realtor #HomePurchase #BuyersMarket #FreedomMortgage #DTI #LetFreedomHelp
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