What's a debt-to-income ratio, and why you need a low one to buy a home What's a debt-to-income ratio, and why you need a low one to buy a home
WEDNESDAY, DECEMBER 16, 2020
When it comes to qualifying for a loan to buy a home or to refinance your mortgage, there are plenty of numbers to consider, such as your credit score and the appraised home value. Perhaps one of the most important numbers is your debt-to-income (DTI) ratio, which compares the minimum payments on all debt you must make each month with your gross monthly income.