debt-to-income ratios

Are you looking for a mortgage or a car loan? If so, be prepared for a lender to pull your credit report and calculate your debt-to-income ratio.

Your debt-to-income ratio, or DTI, as some lenders call it for short, is expressed as a percentage of your monthly bills compared to your monthly income. Some lenders will compare your monthly obligations to your net, or take home pay. Others will look at your bills in comparison to your gross income (i.e., your salary before taxes and other payroll deductions are taken out of your check).

5 Financial Terms You Must Know

Got Debt? 5 Financial Terms You Must Know

Getting a loan or obtaining new credit when you’re already in debt isn’t easy – especially if your credit rating has suffered for any reason in the recent past. But it is possible to obtain credit – either a personal loan, a credit card or even larger loans like a mortgage – if you know

Got Debt? 5 Financial Terms You Must Know Read More »

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