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Debt-to-income ratio is the percentage of your gross monthly income that goes toward paying debts. It is calculated by adding all of your monthly debt payments and dividing them by your gross monthly income, which is the amount of money you have earned before taxes and other deductions are taken out.
When lenders evaluate your application for a loan, they are trying to assess your ability to repay the loan on a long-term basis.One important indicator lenders use to determine this is your debt-to-income ratio, a metric that shows how much of your current monthly income will go to paying off debts.. The level of importance this plays depends on the type of loan: Smaller loans may not.
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The debt-to-income ratio figures that we read about every day try to paint a picture of the total debt of all Canadians, versus total income. However, from an individual consumer perspective, calculations such as your Total Debt Servicing (TDS) ratio may be more beneficial.
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· The debt to income (DTI) ratio measures the percentage of your monthly debt payments to your monthly gross income. For example, if your monthly debt payments are $3,000 and your monthly gross income is $10,000, your DTI ratio is 30%.
About the Qualifying Ratio. An FHA mortgage will usually allow for a higher debt load, reflected in a higher (29/41) ratio. The first number is the percentage of your gross monthly income that can go toward housing. This ratio is figured on your total payment, including homeowners’ insurance, HOA dues, PMI – everything that makes up the payment.
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One of the most important factors that lenders consider is your debt-to-income ratio, or the percentage of your gross monthly income that is dedicated to debt payments. Most of the time, lenders will not extend mortgages to borrowers whose monthly debt liabilities eat up more than 43% of their income. Use a rate comparison tool
The debt-to-income ratio is the percentage of gross income used to cover a mortgage and other debt payments. Use this calculator to figure out yours.