When you apply for a mortgage to buy a home, there are many factors that your lender will consider before approving your loan. One of the things that lenders think about when they're approving or denying a mortgage is the potential borrower's debt-to-income ratio. Knowing what DTI is, how that impacts your ability to buy a home, and what you can do to improve your debt-to-income ratio can help you through the home buying process.
For informational purposes only. Always consult with a licensed mortgage or home loan professional before proceeding with any real estate transaction.
What Does Debt-to-Income Ratio Mean?
Debt-to-income ratio is the amount of money that a home buyer pays monthly for debts compared to the amount of money they make
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