Understanding your Debt to Income Ratio (DTI)
Your Debt to Income Ratio is used by mortgage lenders to determine how much money you can borrower for the purchase or refinance of a home. Your Debt to Income Ratio is abbreviated as DTI for short. The DTI is a comparison of your gross monthly income to your monthly liability payments. Mortgage Lenders use two Debt to Income ratios when determining if you qualify for a mortgage loan: Housing DTI and Total DTI. If you have questions about qualifying for a mortgage loan or would like to get pre-approved, call 302-703-0727 or APPLY ONLINE.