Gregg Marcus: Free Debt-to-Income Ratio Calculator at somersetmortgagelenders.com
Your debt-to-income ratio can be a valuable number, some say as important as your credit score. It's exactly what it sounds; the amount of debt you have as compared to your overall income.
Lenders look at this ratio when they are trying to decide whether to lend you money or extend credit. A low DTI shows you have a good balance between debt and income. As you might guess, lenders like this number to be low; generally you'll want to keep it below 36, but the lower it is, the greater the chance you will be able to get the loans or credit you seek.
Add up all of your monthly debt obligations, often called recurring debt, including your mortgage (principal, interest, taxes and insurance) and home equity loan payments, car loans, student loans, your minimum monthly payments on any credit card debt, and any other loans that you might have, and you will have your debt-to-income ratio.
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- Somerset Mortgage Lenders
- Somerset Investors Corp. is a mortgage banking firm that prides itself on attaining the highest ethical and moral standards and is dedicated to providing quality mortgage products at value pricing to our customer. Somerset has a long-standing history of servicing its local community as a reliable mortgage company. Our goal is to establish a successful partnership with our customers, staff, investors, and markets that respect the interest and goals of each party. Somerset Investors Corp. has been built on the belief that to be successful in mortgage banking it must first begin by molding itself as a customer service firm that provides quality service to the public.
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