Understanding the Debt to Income Ratio and Why It Matters
Posted by Shawn Clayton on
Prospective buyers preparing to purchase a home in Bay Head or surrounding areas sometimes focus solely on whether they can fit the payment into their monthly budget and scrape up enough cash to cover a small down payment and closing costs. But even when there seems to be enough available cash in the budget to meet a monthly mortgage payment of that oceanfront dream home, there can also be a serious debt-to-income issue capable of killing the joy of owning a home.
To understand how this relates to your specific home buying situation, speak with your lender and/or a financial advisor.
Understanding Debt-to-Income
Basically defined as the portion of the monthly household income that is assigned to meeting debt payments, most financial gurus…
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