What's a debt-to-income ratio?
DTI is the ratio used by mortgage lenders to determine how much you can afford to pay monthly for a mortgage. Lenders look at how much debt you have when calculating DTI. You can calculate this number on your own using the following formula:
DTI = (debt expenses + monthly housing payment)/gross monthly income x 100
In order to lower your DTI, so that you can qualify for a larger monthly payment it's best to start with lowering your debt expenses or increasing your income.
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*Disclaimer. Q&A’s are for marketing purposes only and are not intended to offer real estate advice to non-represented parties. Please consult with a real estate professional under their contractual representation for answers to your real estate questions. Realtor Tawana Bourne DOES NOT guarantee the services or performance of these referred companies.