Q: What is DTI?
A: DTI stands for Debt to Income Ratio. This pretty much will decide how much of a loan you can afford. Your DTI is calculated by dividing your total monthly debts and your total monthly income. DTI is used by the banks, but it should also be used by you and your loan officer to make sure you’re not getting into a loan that may be difficult to pay now or in the future. Before any application is completed your loan office will go over a comprehensive household budget worksheet with you. One of our objectives is that our clients can sleep at night not having to worry about their mortgage payments for that month, or years ahead for that matter. |
