Many buyers get confused over the real estate and mortgage terms thrown around by real estate professionals, one of the terms that can be confusing is your DTI, this video by a Home Loan Ninja explains it very well. Finding a mortgage professional that you can trust and relate to is as important as working with a real estate agent you trust and relate to.
Your DTI (Debt to Income) is based off your income and your debs – however it does not take into account your smaller bills that do not appear on your credit report. Your cell phone bill, car insurance and stuff like that may not come into play with your DTI – but they will of course you still want to be sure they fit into your budget – if you have excessive smaller bills discussing this with your agent and your mortgage professional is a good idea no one wants you to be married to your mortgage payment. Our goal is to find a home that meets your needs, financially, and personally.
Check back often for more mortgage information, or submit your own question so we can have a mortgage professional answer your question directly.
Looking for a mortgage professional? I would encourage you to contact;
Jason or James – your Home Loan Ninjas
at 503.799.4112 or you can visit their website and see more info about mortgages and what you should expect.