What is DTI , Debt to Income Ratio, when I am getting approved for a mortgage loan?

Lower DTI can result in better interest rates and additional loan programs DTI stands for debt to income ratio, meaning how much debt you have compared to your income.” “Your DTI may include things like these:” *Stephen points to area of the screen, add graphic one to where he is pointing “ Let’s say your total debt payments are $900 and your monthly gross income is $2,333. Divide $900 by $2,333 and multiply that by 100, this gives you your current DTI ratio of 39%, in general you will need a DTI of 50% or less to qualify for most loan programs” “Remember, mortgage loans aren’t one size fits all so don’t be discouraged, reach out to talk to the GiGi Burk Group about your goals and the best plan for YOU.