08/03/2024
The debt-to-income (DTI) ratio is a key metric lenders use to determine your ability to afford a mortgage.
It compares your total monthly debt obligations, including future mortgage payments, to your gross monthly income.
A lower DTI ratio means you have a good balance between debt and income, making you a less risky borrower.
Keeping your DTI ratio within acceptable limits can help you qualify for a mortgage with better terms and interest rates!