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Key takeaways. Your debt-to-income (DTI) ratio is a key factor in getting approved for a mortgage. The lower the DTI for a mortgage the better. Most lenders see DTI ratios of 36 percent or less as ...
Step three: Divide your monthly debts by your monthly gross income. For this example, divide your monthly debt payments ($2,400) by your total monthly gross income ($6,000). In this case, your ...
To get a mortgage, borrowers also need to consider their regular, ongoing debts: Most lenders allow a debt-to-income ratio of up to 43%, but prefer 36% — meaning your monthly obligations should ...
In real estate, the term is commonly used by banks and building societies to represent the ratio of the first mortgage line as a percentage of the total appraised value of real property. For instance, if someone borrows $130,000 to purchase a house worth $150,000 , the LTV ratio is $130,000 to 150,000 or $130,000 / $150,000 , or 87%.
This is a different ratio, because it compares a cashflow number (yearly after-tax income) to a static number (accumulated debt) - rather than to the debt payment as above. The Institute reported on February 17, 2010 that the average Canadian Family owes $100,000, therefore having a debt to net income after taxes of 150% [7]
Common measures include payment to income (mortgage payments as a percentage of gross or net income); debt to income (all debt payments, including mortgage payments, as a percentage of income); and various net worth measures.
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