What Does Your Dti Need To Be For A Mortgage

Does current rent factor in to debt-to-income ratio? What about approximate monthly expenses (gas, groceries, utilities, etc.)? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.

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Divide your total monthly debt by your total monthly income. Using the example above — $2,500 in debt divided by $7,000 in income — you have a debt-to-income ratio of 35 percent. This means 35 percent of your income is tied up in paying debt. This is a decent number. Typically, anything higher than 40 percent debt-to-income is cause for concern.

How to calculate your debt-to-income ratio Your debt-to-income ratio (DTI) compares how much you owe each month to how much you earn. Specifically, it’s the percentage of your gross monthly income (before taxes) that goes towards payments for rent, mortgage, credit cards, or other debt.

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If you're applying for a loan modification, your debt-to-income ratio is important.. (To learn how your dti ratio affects a mortgage application, see How Do I Get the Best Deal. Different Modification Programs Have Different DTI Requirements.

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Knowing your DTI is just as important as knowing your credit score when you get ready to apply for a home loan, says Ed Conarchy, a mortgage planner and investment adviser at Cherry Creek Mortgage.

How to use this DTI calculator. To calculate your DTI, enter the payments you owe, such as rent or mortgage, student loan and auto loan payments, credit card minimums and other regular payments. Then adjust the gross monthly income slider. A debt-to-income ratio of 20% or less is considered low.

Capacity is your ability to pay back the loan. It includes your debt-to-income ratio. score alone does not necessarily disqualify you from becoming a home buyer, higher interest rates and higher.

One year ago, the benchmark mortgage rate was more than a full percentage point higher, averaging 4.6%. Rates have fallen so.

The debt-to-income ratio, or DTI, is an important calculation used by banks to determine how large of a mortgage payment you can afford based on your gross monthly income and monthly liabilities.

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